Deputy Minister of Economy and Labor Marjan Risteski says that after the conflict in the Middle East and the expectations of its impact on the Macedonian economy, there is no need to panic and that measures will be taken to minimize the impact of the increase in the price of energy in formulating the prices of other products.
In an interview with MIA today, Risteski stressed that the Ministry of Economy and Labor and the Government are closely monitoring the situation, and if the conflict does not spread, the trend of decreasing inflation will be maintained.
"The military conflict in Iran is truly causing a tectonic tremor in the economy on a global scale, because Iran is one of the main players in the production and distribution of oil in the world. We are a small import-dependent country, especially import-dependent on various energy sources, oil. We believe that all of this may have some impact, but let's leave it to how the processes related to the military conflict will unfold further, considering that it will be over soon. If not, then what will be the world policy in overcoming this crisis, we will also have to accept with a certain adaptation of our economy in order to have a smaller impact on the increase in energy sources in formulating the prices of products - domestic products, imported products, those that we export from Macedonia," says Risteski.
The future impacts of the conflict on the Macedonian economy, he said, were discussed at yesterday's Security Council session, and he announced that the public will be informed of future steps in a timely manner.
"For now, I would like to reassure citizens - there is no need for any panic. We will look through various measures that will follow to regulate the price of energy, which is one of the main inputs in setting the price of products, in order to avoid creating greater inflation, price increases and undermining the living standards of citizens and their purchasing power. As the Ministry of Economy and Labor, as well as the Government, we are vigilantly monitoring the situation and the public will be informed in a timely manner about all the measures that we will take," said Risteski.
In such situations, he points out that fragile economies, such as ours, are certainly more vulnerable, and says that the Ministry of Economy and Labor, despite the conflict with Iran, is making every effort to ensure that prices in markets and markets remain stable, especially for basic products for the citizens' livelihood.
"Through the regular controls of the State Market Inspectorate, through the influence of the Commission for the Protection of Competition, which is also diligently working to suppress unfair trade, which were foreseen in the Law on the Prohibition of Unfair Trade Practices, through increased transparency of market prices and other government policies, such as larger investments, improving the economic situation, gradual increase in citizens' salaries, we expect to have a stabilizing year. Inflation to be brought to a minimum level, from 2,5 to 3 percent, is the prediction of both the National Bank and the Government, and I think we are on the right track and in the last month we have had a slight decrease in inflation of 0,7 percent. I hope that in the coming period the trend of decreasing inflation will be maintained, unless the military conflict expands, which we cannot influence, and that this limit of European standard inflation (because mild inflation also means development of the country from 2,5 to 3 percent, which is also economically justified), we will try to keep it in "in the coming period and thereby protect the living standards of citizens," the Deputy Minister of Economy said in the interview.
