The business climate in Macedonia has significantly improved and growth has accelerated, noted the European Commission in the Progress Report on Macedonia published on 6 November 2007.

The Commission positively assesses the reduction of tax rates, as well as the results of the Regulatory Guillotine. “In June, the authorities started to implement the ‘regulatory guillotine’, involving a significant reduction in redundant legislation, introduction of the ‘silence is consent’ principle, lowering of fees in a number of areas and simplification and shortening of a number of procedures,” the Report states.

The Report underlines Macedonia’s sustained macroeconomic stability, the reduction of the trade deficit, the payback of foreign debt, as well as the increased official reserve assets. “The country's fiscal and monetary policy has supported an acceleration of economic activity, while maintaining overall economic stability,” the Report states.

The Report praises the political consensus in the fight against corruption and crime in the direction of improving the business climate. “Progress was made in anti-corruption policy and measures. The legal and institutional framework was strengthened, and strong political commitment yielded results.”

Moreover, the Commission notes that substantial measures have been taken to improve education, which will have positive effects on human capital.