STRENGTHENING CROSS-BORDER COOPERATION IN THE WESTERN BALKAN REGARDING MIGRATION MANAGEMENT (Policy Study)

Studies show that remittances can affect local economic development, poverty reduction, improvement of education level, generate growth, investments in new value added. Governments hope that remittances will facilitate creating a long-lasting link between emigrants and their home country, which will be accompanied by transfer of the skills and knowledge gained in a more developed market environment. For that reason, the national policymakers use various options for attracting and proper utilization of remittances. The remittances Macedonians send back are vital to the survival of their families. However, their impact on the Macedonian economy can go further from sending remittances throughout the year and spending money in the local economy during the holiday’s season. While remittances contribute to the increase of domestic consumption and poverty reduction in the home countries, they can also pose valuable sources for economic development and investment too.