Economic Monitor

Economic Monitor Issue 03 | June 2020


  • 2020: positive growth of 1.5% despite COVID-19
  • Without the pandemic, growth would have been 6.0%
  • Strong increase in government spending to support the economy
  • Agriculture hardly affected by quarantine measures, growth of 2.6% expected
  • Slight decline of inflation
  • Sum depreciated by 6% against the USD in January-May 2020 as exports and remittances declined
  • High international reserves of USD 31.3 bn (May 2020) – 14 months of import coverage
  • Current account deficit expected to rise to 9.6% of GDP in 2020
  • FDI inflows will fall to 1.2% of GDP in 2020, after 3.9% in 2019
  • Budget deficit will increase to 5.6% of GDP in 2020

Economic Monitor Issue 02 | February 2020


  • Pharma park and cluster. Roadmap presented to government
  • Reform of state-owned enterprises. Important future reform area
  • Energy sector. Investment in infrastructure and energy generation needed
  • Doing Business Index. Progress in improving investment and business climate
  • SME support. Rethinking of SME funding policy necessary

Economic Monitor Issue 01 | August 2019


  • Development Strategy 2017 2021: Implementation of comprehensive reform agenda in 5 key areas
  • Tax reform: Positive implications for investment and business climate, but also for the state
  • Banking sector: Reforms in this state dominated sector are indispensable
  • Export potential of textile products: Identification of promising products
  • Reform of free economic zones: Cluster approach offers the chance to increase effectiveness