Institute of Economics

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DemographIc changes and economic activity in the Vardar region
(Institute of economics -Skopje, University „Ss. Cyril and Methodius“, 2024-05)
Daniloska Natasha
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Boshkovska Diana
The results of the 2021 Census of Population, Households and dwellings showed that in the first decades of the 21st century in the Republic of North Macedonia, there was a decline in the total resident population and hinted at unfavorable demographic changes. These changes will undoubtedly have implications for the future development of the population, socio-economic and regional development. In this paper3, through available data from secondary sources, the Vardar region is analyzed as one of the eight non-administrative units-statistical regions in the Republic of North Macedonia. The available human resources and their economic characteristics (working age population and labor force) are perceived from the data of the two consecutive censuses 2002 and 2021. Also, some indicators of the economic activity of the Vardar region are analyzed (GDP per capita, GDP index, Gross value added by sectors of activity, Gross fixed capital formation by sector of activity and number of active enterprises) for the period 2010-2021. The identified changes of the basic demographic and socio-economic characteristics of the population and economic activity in the Vardar region can serve in the creation of appropriate policies, measures and activities for its development.
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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
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Aleksandra Lozanoska
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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
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Elizabeta Djambaska
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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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How is COVID-19 reshaping temporary and circular labour migration: Serbia and North Macedonia perspectives
(Forum geografic. Studii și cercetări de geografie și protecția mediului, 2021-06)
Lukic, Vesna
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Predojevic Despic, Jelena
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The COVID-19 pandemic has caused migrant workers worldwide to face numerous and specific challenges. This study aims to determine how the COVID-19 pandemic and its societal impact have influenced temporary and circular migrants from Serbia and North Macedonia. Semi-structured in-depth interviews were conducted with 50 participants to gain a deeper understanding of their challenges and migration practices. Temporary circular labour migration from Serbia and North Macedonia are most intensive towards EU countries, which are geographically close and well-connected by traffic, and with which migrants have well-established migration ties. The results show that after the outbreak of the pandemic, respondents faced termination of employment contracts, reduced working hours and earnings. Most of the respondents returned and only a few found formal employment in the country of origin. Job-related impacts of COVID-19 on respondents are determined by temporary residence, a form of employment and the employment sector. Temporary and circular migrant workers from Serbia and North Macedonia involved in the essential sectors in EU countries are less likely to be severely affected by the economic impact of the COVID-19 pandemic. The results suggest that temporary and circular migration schemes should be improved after the pandemic, in a way that is sustainable even in times of sudden changes. In that regard, in addition to considering the needs of the labour markets of countries of origin and destination, the needs and the rights of migrants, should be prioritized in common solutions.
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Impact of Digitalization on the Labour Market: The Case of North Macedonia
(Institute of Economic Sciences, Belgrade, 2021-06)
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The impact of digitalization on the labour market is very complex and is manifested in different conditions for job creation and job protection, changed needs for occupations and skills, coping with skills mismatch and labour shortage etc. The aim of the research is to determine the possible implications of digitalization on the labour market in North Macedonia, by analyzing relevant labour market indicators and the results of employees’ survey based on identified hypotheses. The analysis of the labour market indicators shows that despite the positive changes, the situation on the Macedonian labour market remains unfavorable i.e. low employment rates, growing skills mismatch and labour shortages in conditions of still high unemployment. The survey results indicate that the digitalization may not cause serious job losses, but it can lead to significant shifts in the employment structure (regarding sectors, occupations, skills, nature of jobs, pressure on the lower skill levels etc.). The influence of digitalization on the labour demand will depend on the employment sector and job profile, as well as on the investments in technology and relevant experience to use it. Also, digitalization could reduce the labour shortages caused by demographic ageing. The survey results show that digitalization will impose changes in the education and professional expertise, management style and organizational culture, as well as in trade union organizations. The findings of this research are meaningful for policy makers, state institutions, employers, trade unions and other stakeholders. The digitalization implies need for coherent approach of all involved parties in North Macedonia.
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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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Theoretical approach of macroeconomic policy measures for solving economic consequences of covid-19
(Institute of Economics - Skopje, 2020-06)
Djambaska, Elizabeta
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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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Barriers to employee skills development: Comparative analysis of firms in North Macedonia
(Institute of Economics - Skopje, 2021-12)
Piperkova, Irina
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Djambaska, Elizabeta
The 21st century race for talents has positioned skills development and utilization as one of businesses’ primary concerns. Indeed, firms’ sustainability in today’s turbulent and competitive environment depends, among other, on the skillsets of their employees. Businesses face various obstacles in their quest for acquiring and developing adequate employee skills. The main aim of this paper is to present key obstacles to developing employee skills in firms in North Macedonia, based on organizational size and business activity. An insight into the barriers to employee skills development would help firms implement corrective measures to achieve appropriate employee skill development and utilization. Lack of applicants’ adequate skills in the recruitment process, lack of employees’ motivation to upgrade their skills and insufficient employee training are perceived as one of the most significant barriers to employee skills development.
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Employment aspects related to quality of life in North Macedonia
(Integrated Business Faculty-Skopje, 2022-06)
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Piperkova, Irina
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Djambaska, Elizabeta
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)
Piperkova, Irina
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Djambaska, Elizabeta
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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