Economic Geography
Macedonia, like most countries in Eastern Europe, has a developing economy. Under Yugoslavia, Macedonia saw the establishment of many factories and the significant modernisation of the country, especially after the devastating Skopje earthquake of 1963. Since independence in 1991, Macedonia has suffered the transition to market economy. Greece, which believes that the republic is monopolising the cultural and historical heritage of Macedonia, imposed an embargo in 1993 and has prevented the country's accession to organisations like the European Union and NATO.
In 1995, the Greek embargo was lifted and Macedonia was finally able to access the IMF and World Bank. The country still suffers, however, from its isolation and lack of foreign investment. In 2007, the unemployment rate was estimated at 32% and the black market provided about 20% of the Gross Domestic Product.
Read more about this topic: Geography Of The Republic Of Macedonia
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