Faster and sustainable economic growth of the country is possible, if the potential for growth increases, and this can be achieved only through structural policies that will positively act on the three factors on which long-term growth depends – labor, physical capital and productivity, said Governor of the National Bank Anita Angelovska-Bezhoska in an interview with “Kapital”.
According to the governor, regardless of the challenges related to the pandemic, structural reforms should not be left aside, i.e. the process of removing structural barriers must take place continuously.
“According to the latest available data, our productivity is only about 44 percent of European, the volume of physical capital only about one third of European, and there is a downward trend in labor force growth. These figures clearly indicate where the efforts of policy makers should be directed”, said Bezhoska.
Bezhoska points out that the coronacrisis has further highlighted the old, and revealed new structural problems that have called into question the sustainability of certain business models in the post-pandemic period, as well as the need for retraining of the workforce, changes in professional profiles on the labor market with new “professions of the future”, all in the context of accelerated digitalization.
The governor believes that small economies, like ours, cannot grow fast without greater trade and financial integration. Therefore, Bezhoska stresses the further entry of multinational companies is especially important, which, as she says, will contribute to increasing the export potential, will improve the export structure, as well as productivity and competitiveness.