Uncertainty To Cap FDI Inflows

BMI View: We expect Macedonia’s external accounts to remain relatively stable in the short term, as weak domestic demand for imports keeps the trade and current account deficits in check. We forecast a current account gap of 3.1% of GDP in 2012, which should be well covered by the financial account surplus and therefore not drain international reserves, although FDI inflows are likely to weaken in 2012 due to high levels of investor uncertainty.

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