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Instead of fiscal consolidation, we are facing total fiscal destruction. By violating the budget rule for the deficit and increasing it from 3.4% to 4.9% of GDP, and increasing the public debt from 58% to 68%, we are heading towards a “Frankenstein economy” where different and often contradictory economic policies through the rebalance merge into a dysfunctional and destructive whole, said the SDSM MP, Fatmir Bitiqi, at today’s session of the Finance and Budget Commission, discussing the Proposal for Amendment.
Strengthening and Enhancing the Budget of the Republic of North Macedonia for 2024
Being stressed the importance of budget rebalancing, the economy will be transformed into a monster composed of heterogeneous and unnaturally combined policies. It is estimated that instead of building an economy that provides opportunities for everyone, we will witness a system that functions only for the privileged – and that too with privileges obtained in an unfair manner.
These key economic indicators point to a lack of intention and ability for the country to aim towards stability and prosperity.
The Importance of a Holistic Approach to Economic Rebalancing
The economic rebalancing being discussed today is a crucial test for the new government. If not approached with a systemic and holistic perspective, it could lead to a downward spiral in economic dynamics, pushing us towards an abyss. Failure to respect basic macroeconomic rules and principles is a red flag that cannot be ignored.
In his address, Bitići warned that the processes being set in motion could seriously disrupt the economy’s stability and sustainability, which had been previously prioritized. It is crucial to take a comprehensive approach to budget restructuring and economic policies to ensure long-term growth and prosperity.
Economic and Energy Challenges Faced by Countries
Many countries around the world are currently facing significant economic and energy challenges. These challenges are impacting the growth and development of these nations, as well as the well-being of their citizens.
One of the main economic challenges faced by countries is high levels of debt and unemployment. This has resulted in decreased investment in infrastructure and social programs, leading to a decline in overall economic stability.
On the other hand, energy challenges such as reliance on fossil fuels and lack of renewable energy sources are contributing to environmental degradation and climate change. Countries are struggling to transition to cleaner and more sustainable energy sources, which is essential for the future of our planet.
In order to address these challenges, countries need to prioritize sustainable economic development and invest in renewable energy solutions. By doing so, they can promote growth, reduce poverty, and protect the environment for future generations.
