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Author ORCID Identifier

https://orcid.org/0000-0002-0735-1781 Garvanlieva Andonova Vesna

https://orcid.org/0000-0002-7902-0316 Nikolov Marjan

https://orcid.org/0000-0002-2114-2142 Velkovska Ivana

https://orcid.org/0000-0001-5067-9849 Petrovska Ana Marija

Abstract

North Macedonia can improve its economic growth by addressing the infrastructure gap by at least full capital budget utilisation. The outturn/execution of capital budget expenditures is low and in relative terms decreasing. The planned public finances for regional balanced development are also low and non-compliant with the legally set levels. A test of several hypothetical scenarios of full capital budget utilisation it is expected to positively contribute to the economic growth immediately and in the period to follow. Even if total debt increases in nominal terms, in relative terms the debt-to-GDP on a longer-run reduces through generating additional economic output.

Keywords

regional development, infrastructure, external debt, North Macedonia, capital expenditure, public investments

Language

eng

References

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First Page

131

Last Page

146

Language

eng

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