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

Macedonia  
Rank: 89 · Score: 33.2  

Basic facts, 2020        
Population (millions) 2.1   IPOs and pulic issues (quartile) Bottom
GDP (US$ billions) 12.3   M&A volume (quartile) 2nd
GDP per capita (US$) 5,906.5   Venture capital investments (quartile) Bottom
GDP growth (per cent) -4.5   Private equity investments (quartile) Bottom
 
 
 
Performance Overview
Indicator   Rank / 125 Rank Trend Score
VC/PE Country Attractiveness Index 89 33, 32, 33, 36, 36 33.2
1 Economic Activity 117 3, 6, 4, 6, 8 50.5
2 Depth of Capital Market 91 31, 32, 32, 36, 34 14.2
3 Taxation 46 86, 85, 80, 79, 79 97.5
4 Investor Protection and Corporate Governance 64 42, 46, 60, 58, 61 65.0
5 Human and Social Environment 91 51, 44, 41, 38, 34 25.2
6 Entrepreneurial Opportunities 69 62, 64, 62, 50, 56 45.3


 
Historic performance, 2017-2021   Key driver performance, 2021
 

   
VC/PE 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
Environment
Entrepreneurial
Opportunites
Belarus 70.7 35.3 93.4 54.3 36.9 49.1
Montenegro 42.0 36.1 88.5 76.5 31.1 43.6
Ukraine 75.1 21.7 94.6 57.4 30.7 49.0
Macedonia 50.5 14.2 97.5 65.0 25.2 45.3
Bosnia-Herzegovina 55.9 18.3 77.6 48.7 21.4 38.1
Georgia 57.1 7.9 99.5 85.0 34.1 50.0
Moldova 56.8 7.1 94.9 65.2 24.5 41.8
Last updated: 21 Jun 2021