The global economy is experiencing the worst economic crisis in the last century caused by the COVID19 pandemic. North Macedonia as a small and opened economy is not invulnerable from the negative economic effects as its economy depends on health and economic developments of external sites. Also, the containment measures affected domestic demand and supply by considerably decreasing the economic activity. Therefore, the main purpose of this paper is to examine the economic impacts of COVID-19 crisis by means of selected macroeconomic indicators as well as to develop an ARIMA model to predict and forecast the real GDP growth of North Macedonia.