At the working meeting between representatives of the Federation of Economic Chambers (SSK) and Prime Minister Nikola Gruevski Monday, SSK welcomed the government steps for cutting profit tax, social contributions, and personal income tax and praised the two budget rebalances last year and the credit line from the European Investment Bank.

Prime Minister Nikola Gruevski said the economic crisis in 2009 had a negative effect on the real sector in Macedonia and this caused the economic growth to slow down. According to Gruevski, Macedonia is going to end 2009 with a 0.6 percent decline of the economic activity. However, this is much less compared with other European countries.

“The Macedonian economy noted fewer negative effects thanks to the reforms conducted over the past three years. The business climate improved, a flat tax rate was introduced and a few packages of anti-crisis measures were adopted,” the prime minister said.

He added that the fact that the country made an early repayment of 300 million euros in 2007 and 2008 helped Macedonia stay in the group of low-debt countries and weather 2009 more easily. Prime Minister Gruevski said that in 2010 the loosening up of the macroeconomic policy would continue, foreign investments would step up and credit interest rates would be cut. Therefore, he urged businessmen to apply for the favorable credits from the European Investment Bank for being approved under most favorable conditions.