Southeastern Europe & Mediterranean Emerging Market Economies: Bi-Weekly Report 9 - 22 July 2024

Countries in Focus in this Issue: Romania, North Macedonia & Cyprus

ROMANIA
NBR kicks off monetary policy easing, with a 25 bps rate cut
Fiscal consolidation challenges and strong upside risks to inflation point to a cautious monetary policy easing cycle 
Current account deficit is set to remain elevated in the medium-term, with related external financing risks being, however, mitigated by solid non-debt generating inflows


NORTH MACEDONIA
A VMRO-DPMNE-led Government gets installed after the May election 
Further delays in North Macedonia’s accession process are likely on the cards 
Economic activity should firm gradually through the course of 2024, driven by wage-driven private consumption and public investment, with full-year GDP growth projected at a modest 2.1%


CYPRUS
Following a strong start to the year, economic growth should continue on a solid footing in the period ahead
Strengthening domestic demand and some headwinds to the domestic tourism industry mean that net exports should turn into a drag on overall growth

APPENDIX:
DETAILED MACROECONOMIC DATA
REGIONAL SNAPSHOT:  
        MACROECONOMIC INDICATORS
        FINANCIAL MARKETS

 

Southeastern Europe & Mediterranean Emerging Market Economies: Bi-Weekly Report 9 - 22 July 2024
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