Bi-Weekly Report 23 March - 5 April 2021

BULGARIA
Elections deliver another hung Parliament, failing to end political uncertainty 
Economic recovery lost steam in Q4:20, amid a second COVID-19 wave 
GDP is set to rebound in FY:21, helped by a procyclical fiscal stance and supportive base effects 

NORTH MACEDONIA 
Economic recovery maintained momentum in Q4:20 (GDP, down just 0.7% y-o-y against a drop of 3.3% in Q3:20), despite headwinds from a severe second COVID-19 wave 
Economic activity is set to recoup the bulk of its COVID-19- induced losses by end-2021, but risks are tilted to the downside

Appendix: Macroeconomic & Financial Indicators
Bi-Weekly Report 23 March - 5 April 2021
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