COVID-19 and its Impact to North Macedonia Economy

During 2020 many economies in the world, including the strongest, were affected from the health crisis created by COVID 19. The significant deterioration of the global economic environment and the decline in external demand caused by the health crisis affected the activity of domestic export companies and industrial production, remittances and foreign direct investment in the North Macedonia economy. Restrictive measures to prevent the spread of the coronavirus in the country have affected some of the activities within the service sector, such as trade, transport and tourism and other branches. As a result of all this, the domestic economy faced one of the deepest recessions so far, i.e. a decline in economic activity in general. As governments combat the economic and societal consequences of the crisis, the new policies should be considerations towards the objective of building back a better future, with more inclusive, sustainable, resilient economies and adoption on digital economy.