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Perspective

(фото: “innovas”)

There are thirteen countries in the world that have had economic growth
of at least 7 percent (some of them even faster growth) continuously in pe-
riods of at least 25 years within the time period from the end of WWII un-
til 2006. There are small and large ones, those that are rich in natural re-
sources, like oil, and those that do not have them, countries with an access
to the sea and countries that are landlocked, etc

determine which are the strate- omy that will import knowledge ism and impartiality. The World
gies and public policies that pro- and technology. Fourth, the coun- Bank formed a Commission that
duce such results. try should allow for the markets has worked for two years. It has
to set the prices of the resources. been consisted of presidents of
The study identifies several ar- In other words, this means firm countries, prime ministers, gov-
eas that are very important for reliance on the principles of the ernors of central banks, ministers
economic growth that is fast and market economy. Fifth, at a micro of finance, UN representatives,
sustainable in a long run. First, economic level, high savings and a representative from Citigroup
a government is needed that is investment growth rates should from the private sector, as well as
capable, dedicated and credible. be maintained and corporate sec- two Nobel laureates for econom-
In its dedication to achieving tor developed. ics, Robert Solow from MIT and
fast and sustainable growth the Michael Spence from Stanford
government is inclusive and also One should bear in mind, how- University.
cares about building the capacity ever, that fast and sustainable
of the institutions and of the pub- growth is possible even if all these Are the findings from the World
lic administration. Second, it is preconditions are not met. Here, I Bank’s study relevant for Macedo-
important to maintain macroeco- primarily have in mind the role of nia? Absolutely yes. In the context
nomic stability. Therefore, the the markets and the state in the of building a “strong nation”, as
inflation should be kept low and functioning of the economy. Some explained by Mike Zafirovski in
long term soundness of the public of the mentioned countries have the mega interview of this issue,
finances should be taken care of. had more liberal, and some other the lessons from the experience
Third, opportunities provided by less liberal economy in the peri- of these thirteen countries re-
the global economy should be ful- ods of fast growth. garding the strategies and poli-
ly exploited. This means that the cies for sustainable and inclusive
country should make a strategic How is this study made? In a development might be considered
decision to opt for an open econ- manner that secures high level as an excellent complement.
of responsibility, professional-

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