Ohrid, 10 September 2026 (MIA) - Fiscal resilience, responsible public finance management, and creating room to react during future crises are key for stability and the growth of the Macedonian economy amid heightened global uncertainty, said speakers at the Ohrid 2026 Regional Conference.

"Fiscal resilience is not built at the moment when a crisis begins. It is built before – through responsible management of public finance, gradual reduction of the deficit, careful management of public debt, better collection of revenue and high quality of public spending," Finance Minister Gordana Dimitrieska-Kochoska said at the conference.

The Minister highlighted geopolitical uncertainty, higher energy prices, global trade restrictions, and stricter financial conditions as potential risks. She pointed to projections showing that the growth of the eurozone is expected to slow down from 1.4 percent in 2025 to 0.9 percent in 2026.

Amid such conditions, Dimitrieska-Kochoska said North Macedonia has chosen the path of gradual and responsible fiscal consolidation, while also working on improving the planning and management of public investments, digitization, tax administration modernization, and the fight against the informal economy. 

The Finance Minister stressed that the next cycle of growth of the Western Balkans cannot be founded solely on increased consumption, but must instead be driven by productivity, with a particular emphasis on strategic investments in infrastructure and energy.

Dimitrieska-Kochoska highlighted stability, resilience, investments, and productivity as the four principles of the policy the country is following.

Faculty of Economics Professor Borche Treneovski also touched upon the need for a careful economic policy, noting that North Macedonia, as a small, open, and export-dependent economy, is particularly vulnerable to global economic shocks. 

"The more open and export-dependent we are, the more vulnerable we are to global risks. We are connected to the European economy, to the German economy, as well as to the foreign direct investments," Trenovski said.

Former Croatian Finance Minister Zdravko Marić said problems during good economic times should not be swept under the rug, but rather that this is precisely the time when space should be created for dealing with future crises. 

Marić said when he assumed the post of Finance Minister in 2016, Croatia was facing a large budget deficit and public debt, after which fiscal sustainability became one of the main priorities of the government.

"We need to find savings in various segments and align spending with revenue," said Marić, noting that in 2016 the budget deficit was reduced to under 1 percent of GDP, while the participation of public debt in GDP also started to be reduced.

As part of the conference in Ohrid, a panel discussion was also held under the theme “From Eurozone Pressures to Fiscal Resilience: Budget Priorities, Private Sector Realities and Regional Lessons” focusing on the impact of economic developments in Europe on public finance and the region's business environment.

The conference is being attended by finance ministers, tax administration heads, government representatives, and economic experts from the region. It aims to contribute to greater fiscal resilience, sustainable economic development, and regional cooperation amidst an increasingly complex global economic environment.

Photo: MIA