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Emerging Economy in Europe. Zoran Stavreski Vice Prime Minister and Minister of Finance. May, 2013. Key Macroeconomic Indicators. INFLATION. REAL GDP GROWTH RATE (%). Low and stable over last 10 years Average inflation: 2% annually. CURRENCY. EXPORT GROWTH RATE (%).

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zoran stavreski vice prime minister and minister of finance

Emerging Economy in Europe

Zoran Stavreski

Vice Prime Minister and

Minister of Finance

May, 2013

slide2

Key Macroeconomic Indicators

INFLATION

REAL GDP GROWTH RATE (%)

Low and stable over last 10 years

Average inflation: 2% annually

CURRENCY

EXPORT GROWTH RATE (%)

Fixed exchange rate pegged to the Euro

CREDIT RATINGS 2012

FDI (% of GDP)

  • Standard & Poor’s: BB, Stable Outlook
  • - Fitch: BB+, Stable Outlook

Source: SSO and MoF; *Projection

financial system
Financial System

Sound and stable financial system

NospilloveroftheworldfinancialcrisisonMacedonia

Bankingsystemconsistsof:

17 banksand

7savinghouses

73% share of foreign in total bank capital

MostrecentlythefollowinginternationalbanksenteredtheMacedonianbankingsystem:

French Societe Generale Bank

Austrian Sparkasse Bank

Dutch-Turkish Halk Bank

sustainable public finances
Sustainable Public Finances

Prudent fiscal policies

  • Total revenues 30.1% of GDP
  • Total expenditures

33.7% of GDP

Moderate size of Government and fiscal policy that supports economic growth

  • Budget balance

-3.5% of GDP

  • General Government Debt32.8% of GDP

Invest Macedonia - Agency for Foreign Investments

Source: MoF; *Projection

lowest taxes in europe
Lowest taxes in Europe

Lowest Flat Tax on Profit 10%

Lowest Flat Tax on Income 10%

Tax on Undistributed Profit 0%

Reduction of social contributions

Total rate of 26.5% in 2013

Pension and disability insurance 18%

Health insurance 7.3%

Unemployment insurance 1.2%

Corporate Tax is only paid when

dividends and profits are distributed,

effectively making the CT rate 0%

Social contributions have been reduced from 32% to 26.5%

Additional incentives in the

Free Economic Zones

- On-line payment of taxes and - Simple tax administration procedures

slide6
Regulatory reforms

One-Stop-Shop: 4 hours company registration without minimum start-up capital

Regulatory Guillotine (“silence is consent”, reduced administration fees, time limits)

Electronic One-Stop-Shop for customs permits and licenses

Improving interoperability (exchange of information) between government institutions, which reduces red tape and regulatory burden on companies

Cadastre reforms

Digital Cadastre covering 99% of the real estate in Macedonia

Notaries and land surveyors have access to the land register by an on-line system to obtain extracts of real estate and check if it is free of burdens and mortgages.

Liberalization of real estate market

Foreigners free to purchase real estate and construction land

Simplification of procedures for obtaining construction permits from 21 to 3 steps

Continuous implementation of Regulatory and Administrative Reforms

6 years continuously among the best reformers
6 years continuously among the Best Reformers

- 5th IN THE WORLD IN THE EASE OF STARTING A BUSINESS

- 19th IN THE WORLD

IN PROTECTING INVESTORS

Doing Business 2013 Report

37th BEST COUNTRY FOR

BUSINESS IN THE WORLD

Forbes Magazine

3rd BEST REFORMER

IN THE WORLD

World Bank’s Doing Business 2010 & 2012 Report

2nd IN THE WORLD WITH LOWEST TOTAL TAX RATE LEVEL

PWC and World Bank Group 2013 Study

3rd BEST REFORMER

IN THE WORLD

World Bank’s

Doing Business 2010 & 2012 Reports

23rd IN THE WORLD ON THE

OVERALL INDICATOR

“EASE OF DOING BUINESS”

Doing Business 2013 Report

2012 Best Countries For Business

slide8

Significant improvement on the world leading indicators measuring business climate and competitiveness

Macedonia improved:

71 places – “Ease of Doing Business Indicator”, DB Report

Macedonia is the 5th country among the 50 economies that have most reformed since 2005, DB Report 2013

Macedonia is among the 4 case studies in DB 2012 Report (with S.Korea, UK and Mexico)

14 places–“Global Competitiveness Index”,

WEF Report

35 places–“Index of economic freedom”,

Heritage Foundation

45 places –“Best Countries for Business”,

Forbes Magazine

free trade agreements
Free Trade Agreements

EU – European Union (27 countries)

EFTA – European Free Trade Association (4 countries)

CEFTA – Central European Free Trade Agreement (8 countries)

Bilateral Free trade agreements with: Turkey and Ukraine

Free Trade Agreements provide access to markets in 41 country with 650 million consumers

slide11

Education

  • Investments in Education
  • Education Budget ~5-6% of GDP
  • Free textbooks for students in elementary and high schools (both are mandatory)
  • Introduction of 2 foreign languages and entrepreneurship as subjects in primary schools
  • Mandatory secondary education
  • Opened new universities with campuses in many cities in Macedonia, over 50 new R&D laboratories, textbooks from top 100 world universities, scholarships
  • 99% enrolment rate from secondary to tertiary education
slide12

SUMMARY: WHY TO INVEST IN MACEDONIA?

  • Macroeconomic and financial stability
  • Prudent fiscal policies that support economic growth
  • Attractive tax package and Incentives in FEZs
  • Young, available and competitive work force

(41% of population under 30, excell.language skills)

  • Consistent and predictable policies
  • Track record for successful implementation of economic, regulatory and administrative reforms
  • Among top reformers according to WB Doing Business
  • Free trade to 650 million market
  • Solid Infrastructure (Trans European Corridors 8 & 10)
  • Business friendly government