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Trade Policy Review of Former Yugoslav Republic of Macedonia (2013)

The World Trade Organization (WTO) conducted a trade policy review for the Former Yugoslav Republic of Macedonia in 2013. The report highlights key aspects of the country’s economy, trade policies, and prospects.

Economic Overview

Key Facts About the Macedonian Economy

  • A large services sector accounts for over half of GDP and employs over half of the labor force.
  • The industrial sector generates nearly a quarter of GDP, dominated by iron and steel, garments, construction, and mining.
  • Agriculture is a small sector in comparison.

Trade Policies: Agriculture

Commitments Made Upon WTO Accession

  • The country has committed to:
    • Terminate quotas
    • Abolish variable levies and export subsidies
    • Phase out import tariffs
    • Reform the State Office for Commodity Reserves
  • Border protection is more restrictive for agriculture than for industrial products.
  • MFN (Most-Favored Nation) tariffs on imports from some preferential and non-preferential partners remain relatively high.

Trade Policies: Manufacturing

Strengths in Manufacturing Sector

  • Manufacturing accounts for the large majority of exports and over one-sixth of total employment if food production and processing is included.
  • The country has strengths in:
    • Ferrous and non-ferrous metallurgy
    • Machinery, automotive, and electrical equipment industry
    • Chemical industry
    • Textile industry
    • Processed food and beverages
    • Construction industry

Trade Policies: Services

Commitments Made Upon WTO Accession

  • The country made commitments in 115 of 155 services sectors upon accession to the WTO.
  • It scheduled extensive commitments, including:
    • Financial services
    • Telecommunications
    • Transport
    • Tourism
    • Professional services

Financial Sector

Size and Development of the Financial Sector

  • The size of the financial sector is consistent with Balkan region norms in terms of deposits (53% of GDP) and stock market capitalization (24% of GDP).
  • Bank credit to GDP ratio is lower than regional average and lags behind more developed eurozone regions.
  • Access to financial services is difficult, and apart from banks, the sector remains relatively unsophisticated.

Outlook

Prospects for Growth

  • The short-term outlook for the country is uncertain due to current global turmoil and doubts about recovery in the eurozone.
  • Growth is expected to pick up to around 2% for 2013, and possibly to subsequent rates of over 3%, provided that global conditions improve significantly and authorities continue to pursue structural reforms and supportive macroeconomic policies.