ENTERPRISE' DEVELOPMENT AND INTERNATIONALIZATION AS A MAJOR FACTOR TOWARDS ECONOMIC GROWTH OF NORTH MACEDONIA
ENTERPRISE' DEVELOPMENT AND INTERNATIONALIZATION AS A MAJOR FACTOR TOWARDS ECONOMIC GROWTH OF NORTH MACEDONIA

Summary/Abstract: This paper analyses the importance and role of micro, small and medium enterprises (MSMEs) in economic growth of North Macedonia, considering all the parameters and factors involved in this type of correlation. The sectors in which MSMEs operate are included as variables of the econometric model, in order to prove that enhancement of MSMEs activity and internationalization across these sectors will positively affect GDP growth. The results obtained from the Pairwise correlation matrix, confirm a positive correlation between the variables employed in the econometric model. The hypothesis is tested via OLS regression. These results are encouraging future studies, as they show that development of MSMEs concentrated in these sectors have great potential to contribute to the growth of the local economy.

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