Institute of Economics

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End date: 2019Subject: search.filters.subject.economic growth

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    Growth accounting in the Republic of North Macedonia
    (Institute of Economics - Skopje, 2019-12)
    Djambaska, Elizabeta
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    Growth accounting approach method is a useful technic which estimates the relative contribution of the factors of production to the economic growth rate and allow us to identify the current growth pattern. In this paper the focus is on the economic growth in the Republic of North Macedonia and the determination of the source of growth in the past two decades. The decomposition of the three basic factors labour, capital and productivity is calculated according to the Cobb-Douglas production function. The calculations are made for the whole 20 years period, first 1997 – 2017 and also for the group of five years period (1997-2001, 2001-2005, 2005-2009, 2009-2013 and 2013-2017). The results from the growth accounting in the Republic of North Macedonia shows that average growth rate in the past 20 years is 1.34%. Average growth rate of physical capital is 4.24% and of the labour is 1.28%. Contributions of physical capital to the growth rate in the Republic of North Macedonia is 1.40 percent points. Labour contribution is 0.86 percent points. The total factor productivity contributions to the average growth rate is negative -0.92 percentage points. The results of the calculations for the five years period confirm the low average rate of growth, and similar growth pattern of the average growth rate of capital and labour. The most concerning is the low and negative total factor productivity. This lead to the conclusions that economic growth in the Republic of North Macedonia is due to intensification of the labour. Hence, the growth is unsustainable in the long ran. Unsustainability of growth arise due to the low productivity of the production factors and the increased public debt which was made for financing the evidently low growth rate in the past. Recommendations are to focus on the investment in the physical capital, education, research and development, which will rise the quality of human capital and will increase total factor productivity.
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    DIGITAL ECONOMY AS A FACTOR FOR REALIZING SUSTAINABLE DEVELOPMENT-COMPARISON OF PRACTICES OF SIX SOUTHEAST EUROPEN COUNTRIES
    (2017-07)
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    Petkovska Mirchevska, Tatjana
    Progress made in storage, processing and transmission of digital data allowed merger of the departments of computerization, telecommunications and audio-video transmission, transforming into a significant sector of the digital economy. Advances in digital economy has realized a significant increase, (OECD, 2013: 22) implementing as an inevitable aspect in many parts of the society as retail, transportation, education, health, social interactions, banking and other elements. The growth of the digital economy is also driven, supported and facilitated throughout wide access to computers and the World Wide Web (Internet). In the world today, information and communication technologies are an integral part of the personal lives of people, businesses and governments, leading to convergence of ICT and the economy and help promote sustainable growth. Therefore, the aim of this paper is to consider the development of digital economy as a mean for sustainable development of the economic growth in the six countries of Southeast Europe i.e. Republic of Macedonia, Slovenia, Serbia, Montenegro, Bosnia and Herzegovina and Croatia. According to this, a research has been conducted, in order to determine the prospects and possibilities for development of digital economy. The research was conducted using the comparison method, where the gathered NRI data (including four main categories and ten subcategories) for the six countries of the Southeast Europe where compared in order to determine the prospects for development of digital economy. The findings of this paper show that the six European countries taken into consideration trail behind the other world countries in the majority of indicators. However, they each excel in different fields for development of the digital economy sector, and with mutual collaboration they could enhance and further increase the development of digital economy and boost the prospects of sustainable development in their countries as well as the Southeast Europe region.
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    PROSPECTS FOR DIGITAL ECONOMY IN SIX COUNTIRES IN SOUTHEAST EUROPE
    (Institute of Economics – Skopje, 2017)
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    Progress made in storage, processing and transmission of digital data allowed merger of the departments of computerization, telecommunications and audio-video transmission, transforming into a significant sector of the digital economy. Advances in digital economy has realized a significant increase,1 implementing as an inevitable aspect in many parts of the society as retail, transportation, education, health, social interactions, banking and other elements. The growth of the digital economy is also driven, supported and facilitated throughout wide access to computers and the World Wide Web (Internet). In the world today, information and communication technologies are an integral part of the personal lives of people, businesses and governments, leading to convergence of ICT and the economy. Therefore, the aim of this paper is to consider the prospects of development of Digital economy in the six countries of Southeast Europe i.e. Republic of Macedonia, Slovenia, Serbia, Montenegro, Bosnia and Herzegovina and Croatia. According to this, a research has been conducted, in order to determine the prospects and possibilities for development of digital economy. The research was conducted using the comparison method, where the gathered NRI data (including four main categories and ten subcategories) for the six countries of the Southeast Europe where compared in order to determine the prospects for development of digital economy. The findings of this paper show us that the six European countries taken into consideration trail behind the in the majority of indicators. However, they each excel in different fields for development of the digital economy sector, and with mutual collaboration they could enhance and further increase the development of digital economy in their countries as well as the Southeast Europe region.