Skopje, 26 December 2024 (MIA) - Low realization of capital projects at only 47 percent through November, delays in the VAT return to companies, 35-39 percent of the GDP lost to informal economy, lack of workforce and drop in exports by 5.5 percent in period January-October are some of the challenges that the national economy is facing, said the Economic Chamber of North-West Macedonia on Thursday.

Chamber analyses have shown that the informal economy annually costs the country over EUR 700 million, whereas the worst-case scenario puts the figure at EUR 1.7 billion.

Chamber president Mendi Qyra said the priorities in 2025, which have been delivered in the form of demands to the Government, include a four-percent growth in the next four years, rationalization of budget expenditures and measures to lower inflation, full realization of capital investments and the EUR 130 million projected for the Corridors VIII and Xd.

"We demand an increase of the annual budget for capital investments by 14 percent and more, revision and putting into use the system of importing workforce from abroad, rationalization of budget expenditures, implementation of the principle of accountability for managers of institutions and measures to reduce inflation in cooperation with chambers. There is also a need for equal distribution of foreign direct investments in all technological-industrial development zones, involvement of all sectors in the distribution of the Hungarian loan funds, making concrete steps towards proper decentralization, as well as adoption of laws in the economic field in cooperation with the chambers of commerce," said Qyra.

He also referred to accomplishments in 2024, including FDIs in the record amount of EUR 838 million, creation of the Ministry of Energy, and adoption of a National Development Strategy.

Photo: MIA