World Bank2012-03-192012-03-192009-06-09https://hdl.handle.net/10986/3067This report deals with medium and long-term growth issues rather than the challenges posed by the world financial crisis, the structural policy options presented in the report become even more important in that context, and can help to partially mitigate the impact of the crisis on Macedonia. Section B looks at poverty and inequality issues. Section C examines Macedonia's past growth in terms of total factor productivity analysis, drawing the connection with labor and capital, and within these broad factors, human capital and infrastructure. It also compares Macedonia's growth to a successful regional comparator, Slovakia. Section D benchmarks Macedonia's performance in important policy areas that could affect growth relative to comparator countries. It also estimates how much improved performance in these areas could raise potential growth. Section E looks at efficiency in public expenditure and public investment important issues in raising growth. Section F summarizes these analyses and makes some initial recommendations.CC BY 3.0 IGOACCESS TO INFORMATIONACCOUNTINGADVERSE EFFECTSAGRICULTUREANTI-COMPETITIVE PRACTICESAVERAGINGBANK BRANCHBANK CREDITBANK LOANSBANK SUPERVISIONBANKING SYSTEMBARRIERS TO ENTRYBENCHMARKBORROWERSBUDGETBUSINESS COMMUNITYCADASTRECAPITAL FLOWSCAPITAL FORMATIONCENTRAL BANKCOLLATERALCOLLATERAL PLEDGECOLLATERAL REGISTRYCOMMODITY PRICESCOMPARATIVE ADVANTAGECOMPETITIVE MARKETCONSUMERSCONTRACTCONTRACT ENFORCEMENTCONTRACTSCORPORATE SAVINGSCORPORATE TAX RATESCOUNTRY CREDITCREDIT FLOWCREDIT FLOWSCREDIT GROWTHCREDIT HISTORIESCREDIT INFORMATIONCREDIT INFORMATION SYSTEMCREDIT PROVISIONCREDIT RATINGCREDIT RECORDCREDITORSCURRENT ACCOUNT DEFICITDEBTORSDEMANDDEPOSITDEPOSITSDEVELOPING COUNTRIESDIRECTED CREDITDISPUTE RESOLUTIONDOMESTIC BANKSDOMESTIC CREDITECONOMIC MANAGEMENTECONOMIC PERFORMANCEECONOMIC POLICIESECONOMIC REFORMSENFORCEABILITYENFORCEMENT PROCEDURESEQUITYEQUITY MARKETEXCHANGEEXCHANGE RATEEXPENDITURESEXPORT COMPETITIVENESSEXPORT GROWTHEXPORT PERFORMANCEEXPORTERSEXPORTSEXTERNAL DEBTFINANCEFINANCIAL CRISISFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFINANCIAL SECTOR INDICATORSFINANCIAL SYSTEMFIXED ASSETSFIXED CAPITALFIXED INVESTMENTFIXED INVESTMENTSFOREIGN BANKSFOREIGN DIRECT INVESTMENTFOREIGN FINANCINGFOREIGN INVESTMENTFOREIGN INVESTORFOREIGN INVESTORSFUTUREGDPGOODGOODSGOVERNMENT EXPENDITUREGOVERNMENT EXPENDITURESGOVERNMENT FINANCESGOVERNMENT INVESTMENTGOVERNMENT POLICYGOVERNMENT SPENDINGGOVERNMENT SUBSIDIESGROSS FIXED CAPITAL FORMATIONGROWTH RATEHOUSEHOLD SAVINGSHUMAN CAPITALHUMAN DEVELOPMENTIMPLICIT TAXINCENTIVESINCOME LEVELSINEFFICIENCYINFLATIONINFORMATION ON BORROWERSINFORMATION TECHNOLOGYINFRASTRUCTURE DEVELOPMENTINFRASTRUCTURE INVESTMENTINFRASTRUCTURE INVESTMENTSINPUTSINSTRUMENTINTERESTINTEREST RATESINTERNATIONAL FINANCIAL CRISISINTERNATIONAL INVESTMENTINTERNATIONAL MARKETSINVESTMENTINVESTMENT CLIMATEINVESTMENT DECISIONSINVESTMENT FUNDSINVESTMENT RATEINVESTMENT RATESINVESTORINVESTOR CONFIDENCEINVESTOR UNCERTAINTYJOB CREATIONLABOR MARKETLABOR MARKETSLAND RECORDSLAND TITLESLAND TITLINGLEGAL SYSTEMLENDINGLIABILITIESLIQUIDITYLOANABLE FUNDSLOANSLOCAL ECONOMYLONG-TERM PLANNINGMACROECONOMIC RISKSMACROECONOMIC STABILITYMARKET ACCESSMARKET COMPETITIONMARKET DATAMARKET ECONOMYMARKET REFORMSMARKET SHAREMARKET SHARESMIDDLE INCOME COUNTRIESMOBILE PHONEMOBILE PHONESMONETARY POLICYMONOPOLYMORTGAGEMUTUAL SAVINGSNATURAL RESOURCESNONPAYMENTNOTARIESOPTIONOPTIONSOUTCOMESOUTSTANDING DEBTSPAYMENTSPENSIONPENSION SYSTEMPER CAPITA INCOMESPHYSICAL ASSETPLEDGEPOLITICAL STABILITYPOLITICAL UNCERTAINTYPOSSESSION OF COLLATERALPOVERTYPOVERTY RATEPRICE INCREASESPRICINGPRIVATE CREDITPRIVATE INVESTMENTPRODUCTIONPRODUCTION INCREASESPRODUCTION INPUTSPRODUCTIVE INVESTMENTPRODUCTIVITYPROPERTYPROVISION OF CREDITPUBLIC DEBTPUBLIC INVESTMENTPUBLIC INVESTMENTSPUBLIC SPENDINGPURCHASING POWERRATE OF RETURNREAL GDPREGULATORY CAPACITYREGULATORY FORBEARANCEREMITTANCESREPAYMENTRESERVESRESPONSIBILITIESRETURNRETURNSREVENUERISK MANAGEMENTRISK MANAGEMENT SYSTEMSRURAL CREDITSAFETY NETSAFETY NETSSAVINGS BANKSECURITYSHARESMALL BORROWERSSTATISTICAL ANALYSISSTOCKTAKEOVERTARIFFTARIFFSTAXTAXATIONTAXESTELECOMMUNICATIONSTRADETRADE DEFICITTRADE DIVERSIONTRADE POLICYTRADE REGIMETRADINGTRANSACTIONTRANSACTION COSTSTRANSACTIONSTRANSITION ECONOMIESTRANSPARENCYTREATYTRENDSUNEMPLOYMENTUNEMPLOYMENT RATEUNFAIR COMPETITIONUTILITYVALUEWAGESWorld Bank10.1596/3067