In recent years, the credit market in North Macedonia has been developing dynamically, influenced by secular economic trends, changes in regulations and the specific consumers of the local market. In 2025 it is expected that the vegetable sector will continue to play a key role in the economy of the country, presenting new opportunities and challenges.
Macroeconomic context
Economic forecasts for 2025 show moderate growth in North Macedonia's gross domestic production (GDP), supported by increased domestic crushing and plant exports. Inflation is expected to remain under control, and to overcome the above-average price pressures, which will provide a stable basis for credit market development. The stability of the national currency, the Macedonian denar, is also an important factor for increasing investor and lender confidence.
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Rebarring a loan
In 2025, the loan market is expected to continue to grow, driven by several key factors:
Growth in the construction sector - Increased demand for construction and business space will increase the interest for mortgage loans. At the same time, other programmes to support young homebuyers will make it easier for young families to access finance.
Support for Small and Medium Enterprises (SMEs) - SMEs remain the pillar of the Macedonian economy and access to debt and investment capital will be crucial for low growth. The banking sector is expected to stimulate new, more flexible products aimed at the consumer segment.
Credits - With increasing incomes and improving animal standards, credits will continue to play an important role in household budgets. The market has also expanded with the increased demand for loans for electronic appliances, cars and tourism.
Technological innovations
The digitalisation of the financial sector will continue to transform the credit market. In 2025 it is expected:
Increased use of fintech solutions - Fintech is making it easier to access credit through online platforms, mobile apps and automated approval processes.
Personalised credit products - Thanks to the analysis of a large volume of submissions, banks can tailor individual terms and conditions to the customer's profile and needs.
Greater transparency - New technologies will make the process of applying for a loan easier and more useful, which will increase the confidence of consumers.
Regulatory environment
In 2025, it is expected that regulators will introduce a new framework for managing credit risk in order to ensure the stability of the financial system. Most importantly, financial inclusion should be promoted by facilitating access to credit for vulnerable groups.
Market challenges
And despite the optimistic forecasts, the credit market is facing some challenges:
Global Economic Uncertainty - Above-average factors, such as geopolitical conflicts and fluctuations in international markets, can affect liquidity and confidence in the sector.
Household indebtedness - The increase in consumer credit could lead to rising household indebtedness, which would require closer monitoring by financial institutions.
Competition from non-bank institutions - Fintech companies and non-bank lending institutions are increasing the competitive pressure on traditional banks.
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The credit market in North Macedonia in 2025 will be underpinned by growth and innovation, supported by a stable economic recovery and technological innovation. At the same time, the successful management of risk and the development of new barriers will be key to the sector's sustainable development. The parties involved - banks, non-banks and regulators - need to work together to ensure stability and long-term success in the credit market.