The Governor of National Bank of the Republic of Macedonia, Anita Angelovska Bezoska spoke at the presentation of Fall-2018 Regional Economic Outlook for Europe of the International Monetary Fund (IMF) held yesterday in Copenhagen, Denmark. Through individual presentations, Governor Angelovska Bezhoska and Governor of the Central Bank of Denmark, Per Callesen, delivered their views and assessments for certain areas covered by the Outlook, after the speech of the Director of the European Department at IMF, Poul Thomsen on the main findings and perceptions in the Outlook. 

The latest IMF Outlook, which focuses on the European economy, indicates its further recovery, with decelerating growth rates, which, however, continue to move beyond potential. At the same time, the Outlook refers to several factors that could limit the further growth, such as weaker global demand for European products, higher energy prices, and cyclical slowdown in the economy. The growing trade protectionism, turbulence in emerging economies, and uncertainty over the Brexsit process are stated as the main risks to current growth estimates. The Outlook highlights the need of making space for shocks response policies, as well as the need of implementation of structural reforms.

In her address, Governor Angelovska Bezhoska focused on the European emerging and developing economies. In addition, she pointed to the high trade and financial connection of this group of countries with the other more developed European economies. In that context, she pointed to the risks these economies face with on the path to faster convergence, as a result of the slower potential growth of more developed economies and the gradual tightening of global financial conditions. "In such circumstances," the governor stressed, "the need for implementation of institutional and structural reforms, which will increase the productivity of these economies and their increased growth potential, is being more pronounced, thus enabling these economies their faster convergence."

During the working visit to Copenhagen, Governor of the NBRM held a bilateral meeting with the Governors of the Central Bank of Denmark, Lars Rohde and Per Callessen. They also discussed, among other things, the challenges of fixed exchange rate, the effects of policies of the European Central Bank, and the use of macro-prudential policies and instruments. At the meeting, the two central banks gave a firm commitment for further improvement of mutual cooperation.

The participation of Governor Angelovska Bezhoska on the presentation of the latest Regional Economic Outlook for Europe is another confirmation of the excellent communication and cooperation between the NBRM and the IMF.