2012 Growth Target Cut

While we retain our core view of a slowdown in economic growth starting in H211, we now expect the impact of the Eurozone slump to be felt most in 2012. As a result, we have raised our 2011 growth target to 3.3% (from 2.9%), while lowering our 2012 forecast to 3% (from a previous 3.9%). The volatile regional climate poses a downside risk to these short-term projections, though our medium-term expectations for robust growth in Macedonia remain intact.

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