The former yugoslav Republic of Macedonia has come a long way in the 13 years since it gained independence. With the political and military crisis of 2001 behind it, the southern Balkan country is enjoying a period of peace and economic stabilization. Its gross domestic product (GDP) grew to 2.8 per cent in 2003 and is forecast by the International Monetary Fund to reach three to four per cent during 2004. Inflation was down from three to 1.75 per cent in 2003 but is expected to rise to between 2.5 and three per cent in 2004.And the IMF forecasts a reduction in external debt from over 40 per cent of GDP in 2000 to 32.9 per cent of GDP in 2003. Although less far down the road to the European Union (EU) than states such as Slovenia, Macedonia has been affirmed as a potential candidate for membership. It is already a member of the World Trade Organization, the South-East European Cooperation Pact and the Central European Initiative. It has also concluded free trade agreements with Bulgaria, Turkey, Ukraine and the EFTA states and is negotiating agreements with Hungary and Romania.
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