24th December 2023, Skopje – Average economic growth rate of 4.7% in the coming 20 years and faster raising of the living standard (GDP per capita will increase by 70%), as well as significant drop of the poverty rate, are part of the optimistic scenario under the 2024-2044 National Development Strategy. Such scenario is feasible only with a social consensus in place as regards key development priorities, building a more competitive economy, advanced technologies and sustainable development, higher standard and quality of life, clean environment, safe and prosperous country, Minister of Finance, Fatmir Besimi, emphasized in his latest column.
“Becoming an ‘economic wonder-child in the Balkans’ requires a social consensus on the strategic priorities, as well as a social open dialogue for all key issues. Leadership is a requisite, reflecting collective consciousness for better future and intergenerational agreement for this generation to provide brighter future for the next one, which, in turn, will stay here so as to pass the behest to the next generation, each following suit”, Besimi pointed out.
2024-2044 National Development Strategy, as the Minister of Finance emphasized, rests upon six priority areas: 1. Sustainable, Innovative and Competitive Economy, 2. Sustainable, Local and Regional Development that Ensures Cohesion, 3. Demographic Revitalization and Social and Culture Development, 4. Rule of Law and Good Governance, 5. Secure, Safe and Resilient Society, and 6. Green transformation. As he explained, according to the economic growth scenarios for the upcoming twenty years, average GDP growth is projected to increase by 2.6% in real terms on annual basis as per the baseline scenario, almost doubling by implementing the reforms in the strategic priority areas.
“Under the optimistic scenario, as a preferred option, faster raising of the living standard is envisaged in 2044 compared to 2024 (GDP per capita will increase by 70%), as well as a significant drop of the poverty rate (percentage of people earning US$ 2.15 per day will decline from 6.1% to 0.4%), budget revenues accounting for 43.5% of GDP, significantly higher compared to the existing projection of 31.7% of GDP for 2024. To achieve faster convergence with the EU countries compared to the new member countries (Croatia and others), our economic growth should be above 5%, earning us the epithet of “economic wonder-child in the Balkans”, Besimi wrote.
Sectoral strategies and programs with action plans are also necessary for successful implementation of the National Development Strategy. Implementation of the following strategies will also play a significant role: Human Capital Development Strategy, Smart Specialization Strategy, Export Promotion Strategy, Sustainable Development Strategy, Energy Development Strategy, Digitalization and Cybersecurity Strategy, Local and Regional Development Strategy, Public Finance Management Strategy, Strategy for Formalization of Informal Economy, as well as strategies in the field of agriculture and food security development, social protection, health, education, culture, tourism, support for youth and sports, security and defense. “We have been intensely working on the development strategies in cooperation with other international institutions and the European Union, among which I would single out the Growth Plan for the Western Balkans 2024-2027 in the amount of EUR 6 billion for the whole region, around EUR 900 million out of which will be in support of our economy, as well as the WB 2024-2028 Country Partnership Framework in the amount of around EUR 900 million intended for our economic development”, Minister of Finance pointed out.
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