The Governor of the National Bank, Anita Angelovska Bezhoska participated in a round table with Tao Zhang, the Deputy of the Managing Director of the International Monetary Fund (IMF), Christine Lagarde, held on the Sunday, in Dubrovnik, Croatia. The event was organized within the second joint conference of the Croatian National Bank and the IMF, titled Demography, Employment and Growth: Governance of the Future in Central, Eastern and Southeast Europe, attended by central bank governors and finance ministers of the region, representatives of the World Bank, the European Commission, the Bank for International Settlements and other international institutions, as well as reputable experts from the universities in Oxford, London and Tartu. The two-day conference edition was devoted to the labor market and demographic challenges, the future of the workforce and the policies required for sustainable economic growth and achievement of the income levels in developed countries of Western Europe.
In this context also at the round meeting with the senior official of the IMF, Zhang, attended by fifteen central bank governors and finance ministers from countries of Central, Eastern and Southeast Europe, the emphasis was placed on the challenges of the labor market. Moreover, it was pointed out that after the global crisis there is a slowdown in the economic growth of the countries of the region, which reflects not only cyclical, but also structural factors, which is evident from the lower potential growth as a result of the lower contribution of all long-term factors of growth, including labor, in conditions of unfavorable demographic and emigration trends.
The Governor Angelovska Bezhoska also referred to the situation on the labor market in our economy, emphasizing that currently there is a continuous growth of the working age population and employment growth, but that according to estimates of the international institutions, in the medium run such growth is expected to decelerate, which imposes a need for special vigilance of the targeted influence on the labor market in our country, through further implementation of active policies and measures aimed at the labor market, improvement of the qualification of the workforce, but also more generally, implementation of structural reforms and strengthening of the institutions, which will help in the acceleration in the process of convergence to higher income levels.
The senior official of the IMF, Zhang and the participants in the round table concluded that the reduction or the slow growth of the working age population, in conditions of unfavorable demographic developments and emigration, poses a challenge for all countries in the CESE region, suggesting a need for taking more measures in order to increase the rate of active population, especially of women, continue the lifespan of the population, increase the qualification of the workforce, as well as encourage innovations and automation.
The Governor Angelovska Bezhoska used her participation in the important conference of the Croatian National Bank and the IMF, which ended yesterday, also for bilateral meetings with her colleagues of the region, as well as with representatives of the international institutions.
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