6th February 2023, Skopje – Faster economic growth, higher living standard, boosted labor productivity, better business climate and structural development of the private sector, progress made as regards institutional democracy and good governance, are some of the benefits of membership in the European Union. In parallel, we should work on building successful economic model, based upon investments, innovations, human capital, infrastructure and new technologies, which will provide for job creation, faster, more inclusive and sustainable growth, green transition and a better quality of life for citizens, i.e. economic model that will bring Europe home, a Minister of Finance, Fatmir Besimi wrote in his latest column dedicated to the EU integration in the light of new perspectives and higher living standard.
“EU membership, above all, involves accessing a market of more than half a billion consumers. EU’s economic power also reflects on both the trade and the foreign direct investments, accounting for 16% of the total global trade. North Macedonia’s membership in the EU will provide for access to a 25 times larger market, five times higher nominal GDP per capita (whereby real GDP per capita of our economy is around 40% of EU’s GDP, according to Eurostat), as well as bring about significantly lower unemployment rate”, Besimi pointed out. He added that according to the studies pertaining to the benefits from the EU single market, it is assessed that EU Gross Domestic Product would be 9% lower if no full integration of the single market had taken place which, in average, is around EUR 840 less annual income per capita.
Accordingly, viewed from this perspective, each Member State is better of in the EU rather than being out of it, pointing out to the fact that EU creates a new value, i.e. a value added with positive externalities. As Aristotle would say “The Whole is Greater than the Sum of its Parts”, Minister of Finance pointed out.
Under his column, Min8ister also stressed the significant role the EU integration process plays in the field of public finance, in terms of reforms aimed at strengthening the public finance system, as well a the access to series of European Funds.
“In the period 2021-2027, the EU Budget is estimated at around EUR 2,000 billion as funds aimed at supporting the following areas: Single Market, Innovation and Digital, Cohesion Resilience and Values; Natural Resources and Environment; Migration and Border Area Management; Neighborhood and the World and the European Public Administration. With each new progress made towards the EU accession, the country is provided with access to the new Funds for financing certain goals”, as indicated in the column.
Minister further touched upon other economic and non-economic advantages as well, which may be more difficult to quantify, but still affect the economic performance of the country, such as the joint addressing of climate change and soil and water pollution, common fight against corruption, smuggling and money laundering, protection of the citizens’ rights as consumers, as well as the security the EU integration brings.
Writing about creating the best economic model in support of domestic economic growth, and in light of the EU integration, Minister Besimi emphasized: ” we need an economic model, mostly based upon job creation (in the private sector), by boosting the competitiveness, and improving both the infrastructure and the business climate.” Transparent and accountable public financial management is required, all to the end of supporting and encouraging investments, as well as advocating for social and territorial cohesion, while also promoting balanced regional development. Economic development model, based upon competitive and integrated economy, with equal opportunities for all, would prevent us from taking baby steps, thus being able to join the so-called United Europe as soon as possible. “
Пишувајќи за креирањето најдобар економски модел за раст на домашната економија, а во контекст на еворинтеграциите, министерот Бесими нагласува: „Нам ни е потребен еден економски модел, главно заснован на креирање нови работни места (во приватниот сектор), преку зголемување на конкурентноста, подобрување на инфраструктурата и бизнис-климата, како и транспарентно и одговорно управување со јавните финансии со цел поддршка и стимулирање инвестиции, како и афирмација на социјалната и територијална кохезија, воедно промовирајќи рамномерен регионален развој. Модел на економски развој, базиран на конкурентна и интегрирана економија, со еднакви можности за сите, би влијаело да не се движиме како желка, туку побрзо да ѝ се приклучиме на оваа таканаречена наша Обединета Европа“.