Investments – Increase existing capital funds, which naturally exist in three forms: construction facilities (factory halls and administrative buildings); equipment (machinery, technological lines, etc.); and supplies (raw materials, semi-products and finished products). In addition, gross investments represent the total mass of investment in the economy, within a certain period of time, whether it is an investment intended for the replacement of worn capital funds, or for their increase. Net investments, however, represent only the part of the investments that realized the increase in capital funds in the economy above the previous existing level. Hence, net investments are smaller than gross investments for the amount of depreciation (worrity) of capital funds. The investment belongs to an important role in the dynamization of economic growth. The macroplan investments are determined primarily of the size of the national savings, the amount of the interest rate and the expectations of the economic entities for future events (economic and political). Observed from the aspect of an individual enterprise, the funding sources are usually combined from: own funds of the enterprise (undistributed profit), bank loans, corporate bond issue and shares. In developed countries, in the financing of the initial stages of the development of the enterprise, a significant place belongs to the informal risk capital (so-called business-angels), and in the higher developmental phases and the official risk capital (Ventura Shopsha). In the previous system, SRM achieved intensive investment activity. In the period 1956-1980, the average rate of gross investments (share of gross investments in the social product) amounted to about 40% and contributed to the dynamic economic growth of the country (c. Economic growth and development). Although, starting from 1965 until 1981, the own funds of enterprises, as a source of investment financing, manifested a tendency of growth, bank loans (and from 1974 to 1981 and those from foreign sources) retained extraordinary high participation ( 51.8% – 1965, up to 60% – 1981). After 1980 Investments began to decline strongly (1984. Their participation in the OP was reduced to 21.3%), and their economic efficiency declined. In the period after the independence of the Republic of Macedonia, gross investments in fixed funds show a long-term tendency of stagnation, maintaining the level between 15-17% in the gross domestic product of the country. Gross investments in fixed funds in the Republic of Macedonia as% in GDP 1994 15.3 1995 16.5 1996 17.4 1997 17,4, 1998 17,89999 2000 16,2 Reasons for this situation are: low national savings, high real interest rates, the action of non-economic factors and their reflection on the expectation of economic agents and the poor influx of foreign direct investments. Generally speaking, in order to dynamize growth and to equip the economy to create new jobs, it is necessary for gross funds in fixed funds to increase their share in GDP to 25%. In this context, the creation of a favorable investment climate (c. Investment climate) remains a key factor for encouraging domestic and foreign investors to invest in the Macedonian economy. Not.: Republic Statistical Office, the development of SR Macedonia 1945-1984, Skopje, 1986, 41-51; Republic Statistical Office, Statistical Yearbook of the Republic of Macedonia 1997, Skopje, Dec. 1997, 547 -563. Lit.: M. Nestoroski, opportunities for a higher level of investment in the Republic of Macedonia. Open challenges of the Macedonian economy, MANU – Skopje, 2004; N. Kljusev, investment depression, in the same place. T. F.
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