Publication:
North Macedonia Climate - Public Finance Review: Integrating Climate Change Perspectives into Fiscal Policy

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2024-07-08
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2024-07-08
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World Bank
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North Macedonia’s economy is expected to show moderate growth in the medium term, with public finances continuing to be stretched. Although the country anticipates positive medium-term economic prospects, economic headwinds like geopolitical tensions and conflicts, and energy supply and price uncertainties pose significant challenges. Increasing expenditures and slowing revenue growth has seen fiscal space tighten, with public debt reaching 62 percent of GDP, with further increases ahead. The progressive impact of a changing climate brings new challenges and makes the achievement of North Macedonia’s development goals much more difficult. This may complicate the country’s ability to achieve its climate goals while preserving fiscal sustainability given climate change presents additional strains on public finances. This report aims to highlight the links between climate and government finances - identifying the relevant risks and opportunities, while explaining how fiscal policy can help achieve climate objectives while also delivering economic, fiscal, and social outcomes.
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“World Bank. 2024. North Macedonia Climate - Public Finance Review: Integrating Climate Change Perspectives into Fiscal Policy. © World Bank. http://hdl.handle.net/10986/41834 License: CC BY-NC 3.0 IGO.”
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https://doi.org/10.1596/41834
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https://hdl.handle.net/10986/41834
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