The high inflation rate, reaching 19.8 percent in October, comes are a result of the economy’s reliance on imports, the modest national capacities for food and energy production, and the structure of consumption (53 percent spent on food and energy), says Faculty of Economics professor Borce Trenovski.
Trenovski told “24 news” that economic policies, if they are timely and well-targeted, can influence price reduction in the short term, but for more meaningful changes, as he says, work will have to be done in the medium term.
What we have learned from this global and domestic economic/energy crisis is that no country is immune to global crises, small, and open economies are particularly vulnerable and timely investment should be made in building a sustainable and resilient economic system. At the moment, it is evident that the lower inflation rates in a large part of the economies are related to their structure of the economy, their own electricity/food production and the possibility of these economies reducing the global price pressure in this way in the last year. This is not an easy task and it is our unwritten homework that has been written and deleted for the last two decades, emphasizes Trenovski.