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Dritëro Kasapi answers the following question

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Question

How should the development of developing countries take place? Is micro- finance or macro- finance better? delgersaikhan jadamba


Answer

Dritëro Kasapi: Hello Mr. Jadamba. I come from Macedonia. I’m born there. Mongolia and Macedonia might not have so much in common but something really important. We were both socialist or communist countries that are undergoing a transition to a more open market economies and democracy. In Macedonia, I don't know how it is in Mongolia, but in Macedonia there was a lot of focus on macro-economy. It was run by the Monetary Fund and they were telling Macedonia how to run its economics on macro level. And yes, Macedonia has very low inflation and everything is fine and has a very stable macro economics. It has debts that are manageable in macro level but we have 36% unemployment in Macedonia because there was no thought or no action being taken in micro-level. Nothing to empower the individual to take actions to believe that whatever it endeavors, it might come to some economic benefit for the individual. So basically, yes, the micro-economics is fine but there is no possibility for initiatives by individuals and I feel that in order for any economy to really be developing further has to run on both tracks. Both macroeconomics and microeconomics. Both to have a control over the macro aspects and also to give the power to the individual to be able to use its creativity for creating--[AUDIO ENDS]