• The business cycle- unemployment, inflation and output (GDP) growth
• Comparison of the GDP of Macedonia with other countries.
Macedonia is a poor country with the latest estimation on this article of the year 2008, with 5.3% rate on its GDP growth, which puts this country to the 79th country of GDP growth. There have been few factors in the past that have affected the growth of output in Macedonia’s history, such as the declaration of independence and ...view middle of the document...
Economic problems persist, even as Macedonia undertakes structural reforms to finish the transition to a market-oriented economy and as well to be the member of the EU. The output growth has risen by a small percentage and also inflation is higher too, the new laws in transportation (like higher ticket fines).Considering the fact that 33% of the labor force of Macedonia is unemployed and that 29.8% of the population live below the poverty line this change in inflation makes peoples live lot more difficult.
A largely obsolete industrial infrastructure has not seen much investment during the transition period. Labor force education and skills are competitive in some technical areas and industries but significantly lacking in others. Without adequate job opportunities, many with the best skills seek employment abroad. A low standard of living, high unemployment rate, and relatively modest economic growth rate are the central economic problems.
Lately because of the new policies that Macedonia faces for it to be eligible as a member of the EU the growth output is been rising but also there is a rise in inflation. Considering the fact that 33% of the labor force of Macedonia is unemployed this change in inflation makes peoples live lot more difficult.