Republic of Macedonia

The Republic of Macedonia¤, referred to by the United Nations and many countries as the Former Yugoslav Republic of Macedonia (FYROM), is an independent state on the Balkan peninsula in southeastern Europe. It is often called Macedonia, although this can cause confusion with the wider geographical region of Macedonia and the Greek region of Macedonia.

Economy

Main article: Economy of the Republic of Macedonia

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The Republic was the poorest area of the former Yugoslavia. Its economy suffered from the same problems faced by other former socialist East European countries. With the combined effects of its post-independence move to an open market economy and the collapse of the internal Yugoslav economy arose various economic and political problems with a great number of its main trade partners. Additionally due to the negative impact of the Yugoslav wars, the Kosovo war http://www.imf.org/external/pubs/ft/kosovo/041699.htm#tab1, the following UN-mandated sanctions against Serbia (which accounted for 60% of its markets prior to the disintegration of Yugoslavia) http://www.usaid.gov/pubs/cp99/eni/mk.htm, the 1994-1995 economic trade embargo imposed by Greece http://www.usaid.gov/pubs/cp99/eni/mk.htm and the 2001 Albanian crisis http://www.seerecon.org/press/pr011214.htm, economic difficulties persisted until early 2002. It has since made a sluggish recovery, though the extent of the unemployment and gray market continue to be of grave concern. Its per capita GDP remains one of the lowest in Europe.

Related Topics:
Yugoslav wars - 2002 - Unemployment - Gray market

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