ICT and Competitiveness of the Macedonian Economy

TL;DR

This paper analyzes how technological changes influence the competitiveness of Macedonia within the Balkans, emphasizing the role of the Technology index in shaping economic growth and competitiveness rankings.

Contribution

It provides a comparative analysis of competitiveness factors in Balkan countries, focusing on the impact of the Technology index on Macedonia's Growth Competitiveness Index ranking.

Findings

Technological advancements significantly affect economic growth.

The Technology index plays a crucial role in competitiveness rankings.

Macedonia's competitiveness can be improved through technological development.

Abstract

The ongoing process of liberalization, as well as the intensive technological breakthrough have a great impact either on the macroeconomic policy creators, or the dissimilarity of conventional approach to found a strategy of a certain company. Bearing in mind the very notation, core characteristics of the concept of competitiveness are needed to be explored, but also the necessity to establish a national competitiveness strategy. However, the main attention should be paid on the technological changes that affect the economic growth, but the life standard increase, as well. Nevertheless, developing and transitional economies are being down-sided with respect to the technological and innovative capability that measurably implies the necessity to redefine the conception of competitiveness. Taking into account the above clarifications, the paper will set a comparative analysis of the key factors that pressure the competitiveness of Balkans region countries, mainly by the composition of the Growth Competitiveness Index. In addition, the major accent will be put on the composite Technology index and its impact on the mainstream of the respective total index. Finally, the paper will examine the possible change of Growth Competitiveness Index ranking of the Macedonian economy, principally by the variation of the Technology index rank.