Consequences of the global financial crisis on Macedonian economy

The time of "Great moderation" has ended. There is no economist or research institute that can predict correctly macroeconomic indicators. Even the most respectable economic institutions like the World Bank and IMF revised their forecasts several times in the past year. This paper gives an overview on Macedonian economy and consequences caused by the global financial crisis on financial sector, industrial production volume, trade and labor market. An attempt to predict future developments of a single economy is very limited at this moment, what is sure for now is that every country in the world is paying a high price for the crisis.