Skopje, 24 March 2022 

Picking up the growth potential of our economy, especially the productivity is a necessity.   Digitalization and innovation can considerably influence the increase of productivity and competitiveness of the economy.  The digital sector is fast-growing and thus helping the increase of the potential growth of the economies.  Hence, despite the challenges from the global crisis, we must be committed to reforms such as digitalization, pointed out the Governor Anita Angelovska Bezhoska at the presentation of the European Bank for Reconstruction and Development (EBRD) Transition Report 2021-2022.

According to the EBRD  index of digitalization, on the scale out of 100, our country is at the level of 59% regarding the necessary conditions for digitalization and 48% regarding the use of digital technologies by companies and citizens, which is close to the regional average, yet far from the desired result. While there is a significant improvement in regulations and electronic government services, the digital infrastructure and skills have not changed much over a period of five years. 

“These assessments are useful guidelines on where the policies should be directed.  In our country, the efforts should be directed towards more appropriate digital infrastructure, and even more towards developing digital skills.  The greatest attention should be focused on the outflow of skilled labor, especially with digital skills, as well as improving digital training by the employers.   The more limited digital skills, the harder it is to use new technologies and the more limited the growth prospects, in a world that is taking over the digital sector”, the Governor said.

In her speech Angelovska Bezhoska referred to innovative financial technologies in finances- fintech sector.  She pointed out that finances are becoming increasingly digitalized and are already being included in the digital sector.  

“As a central bank, we have initiated a number of activities to facilitate the entry of new technologies in finances.  We have established a working party for the fintech sector in the National Bank, as well as a communication channel with the stakeholders in the fintech sector-Innovation Gateway, to facilitate the exchange of information. Our recent survey showed that 90% of the respondents recognize the need for digital innovations in the financial sector, while 72% of the surveyed financial Institutions confirmed that they are already implementing some form of digital transformation.   The National Bank has already prepared a draft version of the first National Fintech Strategy, said Angelovska Bezhoska.

The presentation of the Transition Report, in addition to the Governor Angelovska Bezhoska , also included Andi Aranitasi, Head of North Macedonia at the EBRD, Ana Kresic, Acting Lead Economist at the EBRD and Zoka Kocan, Senior Economist at the EBRD, on the impact of transition and global economy.