The Venture Capital & Private Equity
Country Attractiveness Index
Alexander Groh, Heinrich Liechtenstein, Karsten Lieser and Markus Biesinger

Macedonia  
Rank: 80 · Score: 45.3  

Basic facts, 2017        
Population (millions) 2.1   IPOs and pulic issues (quartile) Bottom
GDP (US$ billions) 10.9   M&A volume (quartile) 2nd
GDP per capita (US$) 5,195.0   Venture capital investments (quartile) Bottom
GDP growth (per cent) 1.2   Private equity investments (quartile) Bottom
 
 
 
Performance Overview
Indicator   Rank / 125 Rank Trend Score
VCPE Country Attractiveness Index 80 41, 46, 41, 40, 45 45.3
1 Economic Activity 119 4, 6, 7, 7, 6 39.3
2 Depth of Capital Market 86 37, 34, 33, 33, 39 29.5
3 Taxation 44 47, 86, 84, 83, 81 103.3
4 Investor Protection and Corporate Governance 43 77, 84, 78, 82, 82 67.5
5 Human and Social Environment 36 85, 92, 90, 89, 89 58.5
6 Entrepreneurial Opportunities 68 62, 65, 73, 60, 57 51.6


 
Historic performance, 2014-2018   Key driver performance, 2018

   

VCPE Rank  
VC Rank  
PE Rank
Macedonia  
Eastern Europe
 
 
 
Peer Group Comparison
 
Regional Peers Economic Activity Depth of Capital Market Taxation Investor Protection and
Corporate Governance
Human and Social
Envorinment
Entrepreneurial Culture
and Deal Opportunites
Georgia 61.2 42.6 104.4 72.5 53.3 50.4
Croatia 65.6 48.1 91.1 57.1 36.0 52.4
Slovakia 73.7 34.7 103.7 58.1 44.3 58.6
Macedonia 39.3 29.5 103.3 67.5 58.5 51.6
Serbia 57.6 31.1 85.0 50.1 45.5 52.6
Ukraine 71.5 31.1 100.3 49.0 32.6 52.4
Montenegro 38.7 27.7 93.7 64.3 55.4 46.5
Last updated: 4 Feb 2018