09 October 2019– The changing nature of economic competitiveness in a world that constantly highlights new technologies is creating a new challenge for businesses and governments that are collectively at risk of having a negative impact on growth and productivity. This is the key issue that can be noted in Global Index of Competitiveness World Economic Forum (WEF) report released today. Based on a report that uses methodology that fully incorporates factors that influence the dynamic of global economy in the fourth industrial revolutions, many factors that have the reatest impact in the future have been the focus of major policy decisions, in the past. Here are included brainstorming, entrepreneurial culture, open access and literacy.

The 2019 report contains data on 141 economies which, through 103 indicators, are organized into 12 pillars. For each indicator, using a rating scale of 0 to 100, it is shown how much an economy can present as an “ideal state” or be restricted to competitiveness. From this it can be concluded that there is room for improvement in each country analyzed in this report. From what can be seen from this report is the stagnation of most countries in the area of ​​innovation. Dealing with the Fourth Industrial Revolution is presenting a factor that determines competitiveness. With this report, the World Economic Forum reflects on how the economies of states are responding to global change.

Economic Chamber of North-West Macedonia again this year appears in the role of institutional partner of World Economic Forum (WEF), who helped in compilation of this important report who give us relevant data which assess states’ competitiveness, productivity and prosperity.

According to the data, the Republic of North Macedonia ranks somewhere in the middle in the overall rankings, while it is the last among the European countries. The 2019 report is transparent and presents a true image of the Republic of North Macedonia as it is based on real data based on numerous surveys and research conducted by the ECNWM. In this way can be achieve more realistic impression of the factual situation that is present in our country. Globalization and innovation will undoubtedly always be the drivers of the state until the improvement of the welfare of the state is achieved. This is where the key policymakers in the country will have a major impact, which will influence the development and progress of the state, helping our state in many areas through which it will be able to safely deal with new global economic and economic trends in all other spheres.

In 2019 report, Republic of North Macedonia has been ranked in 82^nd place from 141 countries included in Global Index of Competitiveness, unlike the previous year when she was ranked in 84^th place. That is characteristic for Republic of North Macedonia in first pillar-Institutions, Republic of North Macedonia it’s ranked in 84^th (in 2018-85), a thing that shows that business are facing institutional difficulties in it function.

Also in the second pillar – Infrastructure, which is paramount importance for healthy economy, our place is ranked in 75 place (in 2018-80), which proves that requirements of ECNWM to realize capital investments in infrastructure are more than important.

One other very important aspect for economies  it’s  education and qualification of the workforce in which the Republic of North Macedonia this year again it’s ranked in 83th place ( in 2018-81), while  in the sub-pillars assessing the quality of vocational education is in the range of 131 place (2018 – 130), which again proves that in our country we do not have adequate work power that adapts to market demands.

The financial system according to this report shows that the Republic of North Macedonia is ranked 83 (2018 – 80), while the support of the locomotive of the economy, namely Small and Medium Enterprises with credit is ranked 115 (2018 – 114), indicator which confirms the inability to access finance in SMEs.

Whereas, the positive result according to this report, the Republic of North Macedonia in the fourth sub-pillar – inflation, ie maintenance of inflation, where Macedonia shares the first place with 88 other countries.

Despite the fact that this year’s rankings have improved compared to the previous year, the report is again worrying because North Macedonia is poorly ranked in Infrastructure (place 75), Education and qualification of the workforce (place 83), financial system (place 83) ), once again justifying ECNWM’s concerns and capital investment requirements.