Page 44 - Ekonomija i Biznis_oktomvri 2016.indd

ECONOMY
Analysis of the
achievements and the
indebtedness of the
Macedonian corporate
sector
The corporate sector is the main
holder of the economic activity vorable factors of political nature are pres-
and an important driver of the
real economic variables (em-
ployment, production, turnover
in trade, investments, import, export, etc.).
The competition, the performances and
the financial condition of the corporate
sector directly affect the achievements of
the other sectors in the economy, primar-
ily the households and the financial insti-
tutions.
In the period from the independence
of the Republic of Macedonia to present
day, the domestic corporate sector faced
numerous challenges. The disintegration
of the former common country Yugosla-
via meant a loss of the key markets for
procurement of raw materials and for
placement of the products of the domes-
tic companies. A period of painful transi-
tion followed, towards market oriented
economy accompanied by ownership re-
structuring and privatization of the enter-
prises with social capital. The frequently
present political-security independence
in this country culminated with the mili-
tary conflict in 2001 which unfavorably af-
fected the achievements of the domestic
44 October 2016
Mihajlo Vaskov
The author is a head of
Department at the Directorate
for Financial Stability and Banking
Regulation, National Bank of the
Republic of Macedonia
corporate sector in this period, and unfa-
ent in the past years as well. Finally, even
the external shocks, with negative effects
on the realizations of the companies of dif-
ferent nature and intensity, are numerous:
the Greek trade blockage of our country,
the military conflicts in the region and the
international sanctions towards the north-
ern neighbor, the Global Financial Crisis
from 2007-2009, the fiscal and economic
crisis in Greece, etc.
The formation of the technological-in-
dustrial development zones on the territo-
ry of the Republic of Macedonia, as a type
of free zones in terms of the customs and
tax laws where in the past ten years com-
panies with mostly foreign capital were
increasingly located, gives a new impulse
in the operation of the domestic corporate
sector. The model of aggressive attraction
of foreign companies in these zones en-
ables improvement of specific indicators
for the national economy, primarily the
ones related to the labour market and the
balance of payments, and through the new
foreign companies, important transfer of
modern practical knowledge and skills in
work (know-how) is performed. Still, the