GDP growth and GDP components contributions (p.p.)
PLATFORM FOR DISCUSSION Speaking note  SPEAKER:  Ana Mitreska, Vice Governor  DATE:  20-22 November, 2019  LOCATION:  Prague, Czech Republic  NATIONAL BANK OF THE REPUBLIC OF NORTH MACEDONIA info@nbrm.mk www.nbrm.mk   GLOBAL IMBALANCES, EXTERNAL SECTOR VULNERABILITY AND CAPITAL FLOWS – SELECTED COUNTRIES OVERVIEW This Speaking note was prepared for the 42nd Meeting of the Governor’s Club of Central Asia, Black Sea and Balkan Countries, 2019  Contributors to the Note: Dijana Janevska Stefanova, Vesna Stojchevska and Danica Unevska Andonova1 Department: Monetary Policy and Research  1 Special thanks to Aneta Krstevska, Chief Economist, and Biljana Davidovska Stojanova, Monetary Policy and Research  Department, for the useful comments. 1  Global imbalances, external sector vulnerability and capital flows – selected countries overview  Overview of the global external imbalances The discussion on the issue of global imbalances and the overall profile of the external sector comes at a very proper moment, given the rollback of the globalisation and rising trade tensions. The recent changes might affect the external imbalances globally, if not directly, then indirectly by affecting macroeconomic fundamentals of the economies. Tariffs can define productivity, output, and employment over the longer term, and thus affect the potential to grow. In the last three decades, the decline of tariffs gave ground to global value chains, enhanced competition, and improved productivity across countries.