11th November 2019, Skopje – 2020 Draft Budget will be focused on investments in human capital, i.e. better health, educational and social system and strong support for growth of the real sector. This year, we have invested almost 56% of total budget expenditures in areas upon which the human capital relies, i.e. health, education and social affairs. This was pointed out by Minister of Finance Nina Angelovska when presenting the 2020 Draft Budget before the business community, the NGOs, trade unions and experts, being held today in the Ministry of Finance.
She stressed that such events are a good practice, since thus the opinions and views by experts, trade unions, business sector and the NGOs can be heard.
-The reason why the focus is placed on supporting human capital, i.e. investing in citizens and creating better living conditions, is the challenge we face as a country: to maintain and boost our human capital. If we do not invest in human capital continuously, we, as a country, will not have a labour force prepared for the jobs of the future, we will not be competitive as for the global economy and we will not be able to sustain the economic growth. We are aware that, as a country, according to the human capital index, which measures a child’s potential productivity according to what was invested in him/her in terms of health, education and social care, we lag behind in the region. Sound Budget is the one that addresses the priorities – human capital is the priority for growth and progress of the country – Minister of Finance Nina Angelovska said.
Minister of Finance pointed out that the 2020 budget deficit is projected at 2.3%, i.e. being lower than the projected deficit of 2.5% for this year, and 2018 when the deficit was projected at 2.7%. This is an important indicator of the strong commitment to fiscal consolidation, coupled with further budgetary discipline and provided significant fiscal room to support the domestic economy and citizens and infrastructure projects – Angelovska said.
Minister of Finance said that budget projections are based upon the next year’s projected growth of 3.8% of GDP, based on growth of private consumption, export and investments – public and private.
Net wage growth in 2020 is projected at 6.3%, being based on the effects of the minimum wage increase, which will surge by Denar 2,000 as of December this year, as well as the wage growth in the private sector, supported by the measure for subsidizing private companies that will raise employees’ salaries.
Unemployment rate accounted for 17.5% in the second quarter of 2019, which is expected to reduce to 16.1% in 2020. Employment rate is expected to increase to 48.2% in 2020.
Draft Budget prepared by the Ministry of Finance, will be considered tomorrow at Government’s session. Upon adopting the Draft Budget by the Government, it will be submitted to the Parliament.
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