Institute of Economics

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Identifying employee skills in SMEs in the Republic of North Macedonia
(EMAN 2020, 2020-09-03)
Aleksandra Lozanoska
;
Irina Piperkova
;
Elizabeta Djambaska
The main aim of this paper is to identify current levels of knowledge, skills and abilities of the SMEs’ employees in North Macedonia, vis-à-vis firms’ needs for knowledge and skills. This paper analyzes the current levels of employee job-specific, soft, digital and entrepreneurial skills on a sample of firms in North Macedonia. For the purposes of this research, the employees were classified in three categories: core employees, supporting employees and managers. The results of the research show that the main challenge regarding the soft skills refers to solving complex problems, capacity for job analysis and initiative. Adapting to new technologies is found to be the weakest aspect of digital skill among employees. Entrepreneurial skills related to risk taking, capacity to generate new ideas, creativity and innovation as well as flexibility at work are also considered to be a challenge.
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Theoretical approach of macroeconomic policy measures for solving economic consequences of Covid-19
(Institute of Economics – Skopje, 2020-06)
Elizabeta Djambaska
;
Aleksandra Lozanoska
COVID-19 is a virus that cause health problems to the population and spread very fast in the world as a pandemic. At the same time when the health and human lives are affected, economy is also impacted by an outbreak. The primary effect of the corona crisis, that defers it from some previous ones, is that the initial economic shocks occur simultaneously on supply and demand side. The shocks initially are caused by the state measures taken for the virus spreading i.e. the state decree for restrict or prohibit human movement, tourist travel, the work of business entities in some activities was completely reduced, in others significantly limited. Hence, one of the first sectors impacted by an outbreak is the public and private health system, then tourism, trade, transport, agriculture, constructions and industry. Indirectly and in very short time the functioning of the whole economy is threatened. The main question is, are the government interventions in the economy necessary and which measures are appropriate to manage the economic consequences from the pandemic. This paper discusses about the theoretical approach of the macroeconomic measures that government can use on both supply and demand side in the economy, for solving the imbalance. Important part of the paper is the short review of some ongoing macroeconomic policy measures in the EU countries and in North Macedonia, as an active response to the pandemic effects.
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Digital perspectives of social entrepreneurship in Western Balkan countries
(Institute of Economics – Skopje, 2021-04)
Snezana Kostadinoska Miloseska
;
Vasil Popovski
;
Elizabeta Djambaska
Digital technologies play an increasingly important role in our society. The ability to connect and interact quickly and efficiently becomes essential and digital skills are even more relevant for companies and individuals. The main objectives in paper are to show the growth potential possibilities of both the market and the social impact of the social enterprises, considering the digitalization of the same. Hence, the digitalization in Social Services in general sense, is define as the massive adoption of digital technologies to generate, process and share information and implement specific tasks via digital devices. Pandemic most explicitly shown us and taught us that there is great room for the digitization of many old and new businesses, especially in the social entrepreneurship in WBC as huge potential. The main focus of this paper is to increase the awareness of the concept of the Digital Social Entrepreneurship (DSE), as a combination of the social and digital aspects of entrepreneurship. Therefore, the possibilities and obstacles of these process in the Western Balkans countries (WBC) is considered. The results from the analysis in WBC, in the field of social enterprises gives overview of the current situation, which is underdeveloped. SEs in the WBC need to bridge the challenges they are facing in the everyday functioning and the digitalisation process. Theory and modern practices show thatdigitalisation in these services offer many possibilities and positive effects, including new opportunities for entrepreneurs, new companies/business, new and more productive jobs which leads to sustainable growth. This research recognized common issues when it comes to the challenges that countries are facing, and creates recommendations that might benefit social enterprise in their digitalisation. The issue of digitalisation is crucial for social economy enterprises, because the changes offer both challenges and opportunities. Indeed, new digital technologies enable quicker exchanges of best practices and offer tools to support the values of the social economy through new collaborative, shortcircuit and circular economic models, on which social economy actors could have a defining influence if they rise up to the task.
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Employment aspects related to quality of life in North Macedonia
(Integrated Business Faculty Skopje, 2022-06)
Aleksandra Lozanoska
;
Elizabeta Djambaska
;
Irina Piperkova
The purpose of this article is to identify the aspects of employment in the Republic of North Macedonia in terms of the quality of life. Therefore, certain features of the quantity and quality of employment for the last ten years have been taken into account, covering the working age population aged 15 to 64, vis-a-vis EU-27 (excluding the United Kingdom). The analysis refers on data indicators about the quality of life provided by Eurostat. Employment, hence the possibility for productive activity and earning income, is prerequisite for better life quality. Also, the improvements in terms of higher wages, permanent job and јоb arrangements that correspond to the relevant education and skills are paramount for person’s life quality. The Covid-19 pandemic drastically changed everyday life and caused changes in work, so the perceptions of the employees in Macedonia on this issue, obtained as a result of an online survey, are also presented in this paper. The findings of the survey confirm that the pandemic caused changes in work, as well as job losses, but also other qualitative changes in employment, such as work from home, which significantly affect the quality of life. This research doesn’t cover all aspects of employment and unemployment in terms of quality of life. There are other relevant issues on this theme which can be topics for further studies and analysis.
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Quality of education - the core value of human capital
(Institute of Economics – Skopje, 2022-04)
Irina Piperkova
;
Elizabeta Djambaska
;
Aleksandra Lozanoska
Education is the major building block of human capital. The purpose of this article is to investigate the level of quality in secondary education and analyze educational attainment trends in North Macedonia. The research focuses on Eurostat statistical data of the educational attainment level of the population in North Macedonia vis-a-vis EU average. Eurostat data on employment based on educational attainment level of the population present an overview of the importance of education for employment opportunities and economic prosperity of individuals. The paper also analyzes the quality of education in North Macedonia, using an online survey among high school students to assess their perception on the level of quality of education. Survey findings reveal significant weaknesses in the quality of education in North Macedonia, among which the most alarming is that students do not perceive causality between education and future benefits in life.Without focusing on improving quality of education, especially in terms of greater focus on applied knowledge and lifelong learning, the country cannot expect that education can be a driver of human capital, productivity and economic growth.
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Challenges of the demographic ageing in the Republic of North Macedonia – current situation and prospects
(Institute of Economics – Skopje, 2022-10)
Aleksandra Lozanoska
;
Verica Janeska
;
Elizabeta Djambaska
The aim of this paper is to identify the changes in the period 2002-2021 and current situation related to population ageing and basic functional contingents of the resident population in North Macedonia. Based on the analysis the main challenges in terms of demographic and socio-economic development on mid and long term are determined and areas in which appropriate policies should be developed. The analyses show that resident population has declined for about 12% and the demographic ageing was accelerated. It results with decrease of the number of children for 27%, young population (32%), working-age population for (12.4%) and female fertile population (21.4%), while the population aged 65+ increased for 47.5%. In circumstances of extremely unfavorable demographic situation, the country is facing three major challenges referring to the necessity to mitigate the decrease of the resident population and of the young working-age population, as well as the rapid growth and aging of the elderly population. Each of them is equally complex and requires great attention and comprehensive activities of the policy makers in the country. Indisputable interrelation of the policies in all these areas requires creation and of a comprehensive strategy for family that should include all relevant aspects related to promoting its position and sustainability.
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Productivity as a source of economic growth - current situation and prospect in the Republic of North Macedonia
(Institute of Economics – Skopje, 2022-10)
Elizabeta Djambaska
;
Aleksandra Lozanoska
;
Irina Piperkova
Productivity is an indicator of the use (exploitation) of the potential of inputs for creating new value added in the economy. In the long term, productivity growth is dependent upon innovation, investment in physical capital, and investment in human capital. These immediate factors are shaped by the environment in which enterprises operate: market structures, infrastructure, the institutional framework and the quality of governance. The main objective of this paper is to study productivity growth in the Republic of North Macedonia and to analyses and propose measures that can be taken to stimulate productivity. The analysis include: labor productivity, total factor productivity (TFP) and the level of enterprise productivity. Labour productivity in North Macedonia is low, and in the past five years even negative. The calculations of the total factor productivity using the Solow’s growth model and Cobb-Douglas production function for the past twenty years, shows that GDP average growth is 4,97% and the TFP contribute by 1,69%.The level of enterprise productivity is also low.Therefore, the expectations for the increase of the GDP and reaching economic growth that can be sustainable is possible with increasing total factor productivity in the North Macedonia.
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Human resource practices in small businesses in Republic of North Macedonia
(Institute of Economics – Skopje, 2023-04)
Irina Piperkova
;
Elizabeta Djambaska
;
Aleksandra Lozanoska
The primary objective of this paper is to identify human resource practices implemented by small firms, so as to better understand the specifics of human resource management in small businesses. An online survey was conducted among small businesses in the Republic of North Macedonia. The research findings4 reveal that small firms in North Macedonia use employee referrals as a recruiting strategy and a traditional selection process based on CV/interview analysis. Most of small businesses have some form of consistent and continuous compensation system, with employee performance as a main criterion for determining the compensation level. Employee training has been identified as one of the biggest challenges that small businesses face. Most small firms conduct employee training to improve job-specific skills for current job tasks. In addition, employee trainings are implemented on an ad hoc basis and largely depend on firms’ available financial resources, since high training costs remain to be an obstacle to small firms.
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Productivity as a source of economic growth - current situation and prospect in the Republic of North Macedonia
(Institute of Economics - Skopje, 2022-10)
Elizabeta Djambaska
;
;
Verica Janeska
Productivity is an indicator of the use (exploitation) of the potential of inputs for creating new value added in the economy. In the long term, productivity growth is dependent upon innovation, investment in physical capital, and investment in human capital. These immediate factors are shaped by the environment in which enterprises operate: market structures, infrastructure, the institutional framework and the quality of governance. The main objective of this paper is to study productivity growth in the Republic of North Macedonia and to analyses and propose measures that can be taken to stimulate productivity. The analysis include: labor productivity, total factor productivity (TFP) and the level of enterprise productivity. Labour productivity in North Macedonia is low, and in the past five years even negative. The calculations of the total factor productivity using the Solow’s growth model and Cobb-Douglas production function for the past twenty years, shows that GDP average growth is 4,97% and the TFP contribute by 1,69%.The level of enterprise productivity is also low.Therefore, the expectations for the increase of the GDP and reaching economic growth that can be sustainable is possible with increasing total factor productivity in the North Macedonia.

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