Skopje, 14 April 2023 (MIA) - Rise of investments in the public and private sector will generate new jobs and accelerate economic growth, says Finance Minister Fatmir Besimi.

In an interview with Voice of America, Minister Besimi says funds for capital investments in the Budget amount to 5.3 percent of the GDP, doubling the historical average, whereas investments in the private sector will also be stimulated through specific programmes. The Budget also includes EUR 225 million in anti-crisis measures, intended for the private sector and the population.

"We expect total investments in the economy to increase from the current 31-32 percent to 38-39 percent over the next five years. In this way, we will generate new jobs and the economic growth will double, namely from 2.5 percent to 5 percent," says Besimi.

The FinMin explains these expectations are based on the Government's commitment to significantly increase public investments through large capital projects, such as the launch of construction works on the four motorways within Corridors VIII and Xd, but also construction of the eastern and western railway sections within Corridor VIII and rehabilitation of the Corridor X railway, as well as investments in energy independence.

On the motorways, he says their completion would make North Macedonia a crossroad of the main pan-European corridors, which is of strategic importance for the country and the region.

"The project will improve the country's economic position and development by an effect of about two percent of the annual GDP or 10 percent GDP growth over a period of five years of construction," notes Besimi.

The FinMin says the Government will continue its support for citizens and businesses to cope with the global crisis, including EUR 225 million allocated for anti-crisis measures in the 2023 Budget, which represents about 1.5 percent of the GDP.

Photo: Ministry of Finance