Former Yugoslav Republic of Macedonia: Selected Issues

November 21, 2016

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Former Yugoslav Republic of Macedonia: Selected Issues, (USA: International Monetary Fund, 2016) accessed November 21, 2024

Summary

This Selected Issues paper quantifies the short- and medium-term growth effects of major ongoing highway and railway projects in the Former Yugoslav Republic of Macedonia. A standard neoclassical growth model is augmented with public capital to capture both demand and supply-side effects of public infrastructure investments. The calibrated model suggests that the four ongoing highway and railway investments of 2–3 percent of GDP annually for 2014–18 are likely to raise the growth rate of real GDP by 0.5 percentage points on average for each year in 2014–20. Enhancing public investment efficiency can increase growth effects up to 0.8 percentage points.

Subject: Balance of payments, Expenditure, Foreign direct investment, Infrastructure, National accounts, Public investment and public-private partnerships (PPP), Public investment spending, Transportation

Keywords: Africa, Baltics, CR, Europe, FDI incentive, FDI inflow, Foreign direct investment, FYR Macedonia, Infrastructure, Infrastructure investment, Investment, Investment efficiency, ISCR, Macedonia, Public investment and public-private partnerships (PPP), Public investment spending, Transportation

Publication Details

Pages:

25
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2016/357
Stock No:

1MKDEA2016002
ISBN:

9781475554861
ISSN:

1934-7685

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