“Given the fact that the level of income in our country is only around 37% of the European average, one of the main challenges for our economy is the achievement of a higher degree of real convergence towards the economy of the European Union” - said the Governor of the National Bank, Anita Angelovska Bezhoska at the Macedonia2025 Summit. She participated in the panel discussion "Southeast Europe: Growth of uncertainties or a brighter future?”.
Angelovska Bezhoska pointed out that the faster real convergence requires higher economic growth rates, and that is possible only if the long-term growth potential is increased. Therefore, as she said, structural changes are necessary that will positively affect the three long-term growth factors: human capital, physical capital and productivity.
Within the discussion, the Governor placed a special emphasis on the policies that should contribute to a larger utilization of the economic growth factors. Regarding the labor as a factor, she highlighted the need for increasing the participation rate, the reduction of the gap between demand for and supply of certain skills and the raise in the quality of human capital. She also addressed the need for increasing investments, especially in infrastructure, research and development, given that the indicators suggest the existence of a larger gap in relation to the developed economies. The current data on the total productivity in our economy, according to Angelovska Bezhoska, clearly point out the the need for continuation with structural and institutional reforms in order to support productivity and accelerate real convergence.
Angelovska Bezhoska also addressed the role of the Diaspora in the economic development of the countries of origin of the Diaspora. She pointed out that the Diaspora can make a significant contribution through several channels: private transfers, encouraging foreign investments, boosting trade, but also the transfer of knowledge and skills, which can positively affect the productivity and competitiveness of small economies.
This panel discussion at the Macedonia2025 Summit, in addition to the Governor Angelovska Bezhoska, also included the Regional Lead Economist of the European Bank for Reconstruction and Development, Peter Tabak, the Manager of the Office of the International Monetary Fund for the Republic of Serbia, Sebastian Sosa and the President of the Economic Chamber of Macedonia, Branko Azeski. The discussion was moderated by the Chief Executive Officer of Macedonia2025, Nikica Mojsoska Blazhevski.
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