Deputy PM for Economic Affairs Fatmir Bytyqi says it is necessary to restructure the Macedonian economy. According to Bytyqi, the country is too vulnerable with the current structure of economy, in which two-thirds of GDP relies on private consumption, 15 percent on public consumption, and only a small part on exports and production.

“If we want to develop sustainably, the structure must change in the direction of a larger share of production with greater value added, increasing the competitiveness of companies, as well as export growth. Sectors that create value added and contribute long-term to economic development and improving the structure of GDP need to be supported, Bytyqi says in an interview with news portal izvoz.mk.

In addition, he points out that in order to boost the competitiveness of companies, increase the production of products with value added, and stimulate export growth, one of the measures for support includes the state guarantee scheme that is already in function to be implemented by the Development Bank of North Macedonia, which will thus get the development component that was missing so far.

“Thanks to the sets of measures for economic support, this year we managed to save 120,000 jobs and reduce unemployment even in times of crisis. It is expected that 2021q will end with an unemployment rate of 15%, with at least 15,000 additional jobs created, and an economic growth of 4.1%, which will be a good starting point for the coming years when growth rates of 5% to 5.2% are expected,” Deputy PM Bytyqi stressed.

Source: MIA