Bishev, Gligor and Boskov, Tatjana (2019) Addressing Macroeconomic Challenges In The Run-Up To EU: Macedonian Convergence. Прилози, Македонска академија на науки и уметности - МАНУ, XLIX (1-2). pp. 69-82. ISSN 0350-1698
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Abstract
Addressing the important challenges through implementation of structural reforms are prerequisite to
increase the potential growth and to preserve the macroeconomic stability, to increase the competitiveness and
to accelerate the nominal and real convergence, too. The
goal of the EU candidate countries is reaching a high degree of market integration and macroeconomic stabilization on the level of potential growth. During the accession
process, the EU membership requires convergence of the
Macedonian economy with that of the EU, especially in the
area of income per capita and structure of the economy,
in nominal terms and real terms, meaning convergence of
prices, inflation, interest rates, and living standard.
Specialization and upgrading of the economic structure to higher value added production, becoming a part
of global value chains and platforms, further increase
of openness and integration of the Macedonian economy, would require increase of private and public sector
investments, implementing innovations in production
processes and upgraded skills of labor force. On short run,
competitiveness may be increased through adjustment
of the exchange rate, however, on long-run, structural
reforms and innovations, reallocation of resources towards more dynamic sectors, are the right medicine for
nominal and real convergence towards EU. So, meeting
the requirements for joining the EU, we estimate the exchange rate as anchor for inflationary expectations taking in consideration that on long run it has been effective,
producing low and stable inflation rates.
Macedonia faces with the challenge of creating a
more effective policy, underlining the importance of investigating the growth of the factor of the total productivity as well as the reasons for low business investment.
Only an effective tackling of these challenges, will enable
the Macedonian economy to face permanent growth
and prosperity and de facto to become EU like economy.
| Item Type: | Article |
|---|---|
| Subjects: | Social Sciences > Economics and business |
| Divisions: | Faculty of Tourism and Business Logistics |
| Depositing User: | Tatjana Boskov |
| Date Deposited: | 08 Feb 2021 09:11 |
| Last Modified: | 08 Feb 2021 09:11 |
| URI: | https://eprints.ugd.edu.mk/id/eprint/27641 |
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