The transition of the Macedonian economy – a process of radical and comprehensive changes in all segments of the country’s political and economic system, leading to the transition from the socialist economic system, with the domination of social and state ownership, in a system of market economy, with domination of private property and market allocation of resources. The economic content of the transition covers several key segments: macroeconomic stabilization, price liberalization, foreign trade and markets, privatization and restructuring of enterprises and banks, redefining the economic functions of the state and institutional reform. The transition in the Republic of Macedonia started in difficult circumstances. The inherited macroeconomic indicators from the previous state were unfavorable: stagnant and negative growth rates of gross domestic product, high unemployment, high inflation and relatively high internal and external financial debt. Along with inherited unfavorable economic performance, RM in the period 1990-2001, almost permanently facing external shocks and non-economic factors (disintegration of SFRY and the Yugoslav economic space, embargo, refugee crisis, internal conflict), which had unfavorable implications on the dynamics of growth. Macroeconomic stabilization began implementing a comprehensive anti-inflation program, which for several years reduced the enormous high inflation in normal frames – from 1,666.4%, 1992, to 2.3%, 1996 (c. inflation). Reforms in the fiscal and monetary sphere and good coordination of key macroeconomic policies allowed Macedonia to maintain high EBRD indicators for the progress of the transition in the Republic of Macedonia for 2005. Participation in the private sector in the GDP in% 65 Great Privatization 3+ Small Privatization 4 Management and Restructuring the Finance. 2+ Price Liberalysis. 4 Trade Liberalization 4+ Competition Policy 2 Reform of the banking sector Rules of long-term securities and non-financial institutions 2 Infrastructure reforms 2 Exam: EBRD, transition report for the corresponding years. price stability to today’s days and sustainable internal and external debt. However, the country S “has not yet achieved full macroeconomic stability due to high unemployment and low rates of economic growth. In the domain of the liberalization of prices, the foreign trade and markets made significant progress. The percentage share of products with administrative price restrictions in total consumables is reduced by over 20%, in early transitional years, at 1% to 1.5% today. The average customs burden, as an indicator of the liberalization of foreign trade, has already been reduced by 26%, 1995, at 12%, 2004. The privatization of the enterprise sector, which began in 1994. And got in intensity in the second half of the 1990s, today, basically, is over. (c. Privatization in Macedonia). In the development of the private sector, the small and medium enterprises played, which, today, are the dominant economic entities in the Macedonian economy. Macedonia has repaired the banks by transferring the portfolio of bad loans to the Agency for Restoration of the Bank, making the share of the uninterrupted loans of commercial banks, is reduced by over 75% in the early transitional years of about 12% today. Banks were privatized through the very act of privatization of enterprises as their founders. On the other hand, the share of foreign capital in the total capital of commercial banks reached a level of about 50%. This significantly increased the credibility of the banks, and the last few years there is a tendency towards increasing saving. With reforms in key segments of the economic system and the progress of the market economy, it came to redefine the economic functions of the state – state interventionism, immanent of the previous economic system, is replaced by state regulation, i.e. The state intervention mainly in the domains of the so-called. Market failure (c. Market failure). In the monetary sphere, the independence of the Central Bank, which was further strengthened 1996. And in the period after 2000 Significantly strengthened the supervision of banks and savings houses. The fiscal sphere was a major reform of the transition between 1993 and 1994, ie the old tax system was completely left and introduced a tax structure close to that of the countries with a developed market economy. Since 2000 The value added tax is also introduced. Certain progress has been achieved in the control of public spending (with the establishment of a treasury system and state audit) and in increasing the capacity of the Ministry of Finance. However, the structure of budget consumption remained unfavorable to today’s LM – relatively high share of salaries and social transfers visa share of capital costs and costs for goods and services. Synthetic, in the period of its transition, Macedonia achieved good results in the reforms of the so-called. First generation (liberalization of prices and markets, small and large privatization), but not in sphere-trachettes (Insase) on structural reforms (postprisitation restructuring of enterprises, corporate governance, strengthening the capacity of institutions, creating a favorable investment climate) . The slow and hesitant implementation of structural reforms are the main reason for the low rates of economic growth of the country. The European Bank for Reconstruction and Development, which monitors the progress of transition countries, gives the following transition indicators in the Republic of Macedonia (indicators have a value of 1 to 4+, with 1 indicates minimal or no changes in terms of conditions in a rigid planning Economics, and 4+ denotes standards that govern developed market economies). Lit.: Economic transition – conditions, problems, perspectives, MANU, Skopje, 1994; Open challenges of the Macedonian economy, MANU, Skopje, 2004. T. F.
Original article in Macedonian language Cyrillic alphabet
Кириличен напис ТРАНЗИЦИЈАТА НА МАКЕДОНСКАТА ЕКОНОМИЈА