INCREASING COMPETITIVENESS - ACCELERATING ECONOMIC GROWTH IN NORTH MACEDONIA
INCREASING COMPETITIVENESS - ACCELERATING ECONOMIC GROWTH IN NORTH MACEDONIA

Summary/Abstract: Transition states with a limited marketplace and with a long-term economic development strategy usually support the growth of competitiveness in the international exchange of goods and services. They aim to expand the market and increase revenues through export. Such is the case of North Macedonia, which has a small market and a population of 2 million. The paperwork presents the dynamics of exports, imports, and the balance of payments in the last decade in the North Macedonian economy as well as their destination. Much of the exchange of goods and services is carried out with EU countries, indicating a high level of dependence and integration between the local economy and the EU. The paperwork proposes stimulating measures to increase the competitiveness of the North Macedonian economy. The paperwork also presents the empirical side. On the basis of the regression equation, the relationship between export and economic development (GDP) is revealed. From the concrete data of the North Macedonian economy in the North for the last decade (2008/18), a fair relationship between the export of goods and services and GDP is observed. The coefficient of determination is also applied to the empirical analysis. It shows that GDP in the North Macedonian economy of the North is largely determined by exports of goods and services.

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