Macedonia expects higher economic growth in 2018: minister

Source: Xinhua| 2017-08-29 23:48:00|Editor: yan
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SKOPJE, Aug. 29 (Xinhua) -- The Macedonian economy will perform better during the upcoming year which will be seen in higher growth rates, employment and production, Macedonian finance minister Dragan Tevdovski said Tuesday.

The finance ministry has already started work on drafting the 2018 budget, expecting it to be implemented in higher economic growth conditions, the minister said in a television interview.

"We are currently specifying the macroeconomic projections. It is very important that we have a significantly higher economic growth rate in 2018 compared to 2017," the minister said.

Tevdovski said that the 2018 budget would cut numerous non-productive expenses and would stimulate productive activities.

He also said that the government's recent decision to increase the minimum wage would spur the economy.

"The state will support 70,000 workers in receiving a wage increase. This spending will then move the economy forward," Tevdovski said during the interview.

Following the political crisis during the first two quarters of this year, domestic and foreign financial institutions forecast a 2.5-percent economic growth for 2017.