Financial and global economic crisis have changed the standard perceptions on the economic development and have slowed down economic growth, while Macedonia, compared to the other countries, managed it relatively well, however, it does not mean that there are no challenges for the future economic development.
 
These are the main conclusions of the roundtable “How to achieve higher growth rates in post-crisis environment?”, held Friday in Skopje, organized by Vice Prime Minister and Minister of Finance, Zoran Stavreski, at the occasion of the visit of WB Chief Economist for Europe and Central Asia Region, Indermit Gill.
 
The roundtable, aimed at discussing issues as regards the possibility and the models for economic growth in post-crisis period, as well as how to achieve higher growth rates in such conditions, was attended by representatives of the Macedonian Government, opposition parties, business community, Chambers of Commerce and the banking sector.
 
– Such a debate is very useful for identifying the developments in the global, as well as the Macedonian economy, and to see how to improve the potential for bolstering the growth of our economy. Key elements for boosting Macedonia’s economy are the country’s openness and its ability to become part of the European economy, i.e. to offer more competitive products with higher value added, Vice Prime Minister Stavreski said at the press-conference.
 
For this to happen, as he underlined, it is necessary to continue investing, in particular investments aimed at improving overall infrastructure and improving the business climate.
 
– What we have been doing so far very successfully as regards business climate reforms has to continue, since it is the key for a more competitive economy.
 
Certainly, skillful labour force also plays its role, Stavreski said, pointing out that further investments in education are needed, in particular in higher education so as to produce more innovative personnel to easier adjust to the supply and demand on the labour market.
Role of the state, as he underlined, should remain to be provide for general working environment.
 
– What is important following the crisis is not the size of the public sector and the state, but rather its efficiency. We have to continue improving efficiency of the state in ensuring general conditions for the public sector to develop, Stavreski said.
 
It can be expected, as he emphasized, future growth to be based on a slightly changed role of the financial sector, where stricter control is needed at global level, as well as in our country.
 
– Control is necessary to preserve stability of the financial sector, so as for it to be able to gradually deliver more funds for private sector development, thereby not jeopardizing the general stability, i.e. not to encounter a financial crisis or crisis of a financial institution, Stavreski said, adding that each country has to combine, in a flexible manner, the parameters so as to achieve higher economic growth.
 
WB Chief Economist for Europe and Central Asia, Indermit Gill, said that he got the impression that Macedonia managed to preserve stability during the crisis very well.
 
– The first reason for this is the fiscal policies of the Ministry of Finance which contributed a lot, the second one is the significant contribution by both the monetary and the financial policy of the Central Bank, and the third reason is the improvement of the business environment and the business climate. The question now is how the country could build on these solid foundations to bolster its economic growth and employment, Gill said.
 
Macedonia, as he pointed out, is not the only country contemplating over these issues, since all parts of Europe face them.
 
– All countries are reviewing their models for economic growth. A good way to think over these models is to consider the following components: trade, finance, entrepreneurship, labor force and public services. Like the other countries, Macedonia should reconsider which of these components will be re-tailored and which will remain the same. We are ready to offer assistance to the Government in this process of reconsidering and reviewing the components, as well as in implementing the changes, Gill said, pointing out the World Bank is ready for the good cooperation and relations with the Government to be translated into solid results.(MIA)
