MACEDONIAN ECONOMY BEFORE AND AFTER THE GLOBAL FINANCIAL AND ECONOMIC CRISES

During the last twenty years Macedonian economy experienced numerous internal and external shocks from economic and political nature. Current world economic crisis is the last shock. However, the economy always showed latent power and possibilities of getting out of such shocks. It was a sign that it can generate higher and sustainable rates of growth. The experiences and lessons taken from transitional period and particularly from the global economic crisis should serve as a basis for changing the current model with so called holistic model in order the economy of the country to catch a connection with the intense changes that are expected to occur in the coming period. It is expected that creating new economic model in Republic of Macedonia will result in multiple positive effects that primarily manifested in the increasing number of newly small and medium enterprises, domestic investments, industrial production, GDP, number of new employees and total exports as well as in reduction of the trade deficit and in maintaining macroeconomic stability of the country. The achievements of the Republic of Macedonia with the new development model will largely depend on the realization of risks and threats to which it is or will be exposed in the short run and in the medium run, and in relation to the developments in the global and especially in European economy in future, as well as the international political status of Macedonia in relation to its membership in NATO and EU. (C) 2011 Published by Elsevier Ltd. Selection and/or peer-review under responsibility of Faculty of Tourism and Hospitality