Address by President Pendarovski at the ceremony on the occasion of awarding the Order of Merit and the Charter of the Republic of North Macedonia

30 May 2022 | Press Releases

 

President Stevo Pendarovski, at a ceremony today, awarded Paul Krugman and the Economic Chamber of North Macedonia with the Order of Merit for the Republic of North Macedonia and Branko Azeski with the Charter of the Republic of North Macedonia.

“Our goal is not only to overcome the crisis, but to get out of it with enhanced economic development, reduced unemployment, increased productivity and competitiveness of the national economy. To achieve this, we need the knowledge and expertise of top theorists such as Professor Paul Krugman, who for decades has tirelessly shown the way to sustainable and inclusive economic growth and development”, President Pendarovski said in his address.

He pointed out that in order to be effective, the theory must be put in practice by state institutions and the private sector, and that industries and companies are the real drivers of the economy.

“Today we have the honor to decorate our oldest chamber of commerce, which this year celebrates the centenary of its founding. The fact that the member companies generate half of the total income and almost half of the net profit in the private sector speaks for the importance of the Economic Chamber of North Macedonia, and every third employee in the private sector is employed in these companies. The Economic Chamber is an active partner of the state in achieving the common goal, which is economic prosperity as one of the preconditions for stability of the whole society”, President Pendarovski said.

Esteemed Professor Krugman,

Respected Mr. Azeski,

Distinguished members of the Economic Chamber of North Macedonia,

Ladies and gentlemen,

Today I have this great honor to decorate two individuals and one organization for their special merits for the economic thought, but also for the economic activity, globally and nationally.

In the presence of the eminent professor of economics, Paul Krugman, and the proven Macedonian business leaders from the Economic Chamber of North Macedonia, headed by their President Branko Azeski, I would not like to delve into economic topics belonging to their sphere of theoretical expertise and practical action, but I would like to share with you some general observations about the context in which these decorations are awarded.

We are going through a period of great uncertainty due to the numerous and intertwined crises that are gaining ever greater force from each other. The COVID-19 pandemic and the Russian invasion of Ukraine caused a recession, an energy crisis and price shocks on the global markets. Public debt, inflation and commodity prices are expected to continue to rise. Inequality between states and within states is deepening. As a small and open economy, which is part of the global trade and financial system, we are particularly vulnerable to these processes.

This period, which is called the perfect storm by many, poses two sets of questions.

First, how did we find ourselves in this storm? The fact that during the pandemic, the world’s richest people doubled their wealth suggests that some important lessons from the 2008 global economic crisis have not been learned. For example, that it is easy to take big risks with someone else’s money, or that the market is better at making a profit than at distributing it.

The second question is what do we need to do to successfully get out of this storm? In what value frame should the economic system function in order to be more resistant to simultaneous crises, and for the economy to more easily withstand the shocks?

In my opinion, there is no doubt that the pillar of that value framework should be the citizens and the public interest. One of the goals stated in the preamble of the Macedonian Constitution is that the state is constituted in order to “ensure social justice, economic prosperity and progress of personal and joint life”. Hence, our goal is not only to overcome the crisis, but to get out of it with enhanced economic development, reduced unemployment, increased productivity and competitiveness of the national economy.

To achieve this, we need the knowledge and expertise of top theorists such as Professor Paul Krugman, who for decades has tirelessly shown the way to sustainable and inclusive economic growth and development. As a global intellectual, he advocates the concept of a relatively equal society, supported by institutions that limit the extremes of wealth and poverty. He believes in democracy, civil liberties and the rule of law and is a vocal critic of social injustice and the abuse of political power. These values ​​are key to the recovery of the Macedonian economy, to the success of Macedonian companies, to the well-being of the Macedonian citizens, and finally to the quality of the Macedonian democracy.

But to be effective, the theory must be put into practice by state institutions and the private sector. Industries and companies are the real drivers of the economy. Today we have the honor to decorate our oldest chamber of commerce, which this year celebrates the centenary of its founding. The fact that the member companies generate half of the total income and almost half of the net profit in the private sector speaks for the importance of the Economic Chamber of North Macedonia, and every third employee in the private sector is employed in these companies. The Economic Chamber is an active partner of the state in achieving the common goal, which is economic prosperity as one of the preconditions for stability of the whole society.

Mr. Branko Azeski is here with us today, who has been the head of the Economic Chamber for 17 years and who has great merit in its rise and inclusion in the region and Europe. As a representative of the Chamber, he was at the same time a constructive critic and partner of the state in dealing with the economic consequences of the pandemic. Mr. Azeski, together with the Economic Chamber, had an important role in the consultative process of preparation of the MKD 2030 Development Framework which will be promoted next month. This document reflects the work of theorists and practitioners who together defined the priority areas in which we should invest for the country to become a better place to live and work in the medium term.

Having in mind their merits and achievements, I am honored to award Professor Paul Krugman and the Economic Chamber of the Republic of North Macedonia with the Order of Merit, and Mr. Branko Azeski with the Charter of the Republic of North Macedonia.

Thank you.

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