MAPPING THE NEED FOR A CIRCULAR ECONOMY FOR FUTURE ECONOMIC BENEFITS: POTENTIALS AND PROJECTIONS FOR SMALL AND MEDIUM-SIZED ENTERPRISES IN NORTH MACEDONIA

The circular economy, a concept based on the principles of designing waste and pollution, keeping products and materials in use for a longer time, and regenerating natural systems is still in its infancy in the Western Balkans, especially in many analyses related to the development and future projections of small and medium enterprises. Over the years, there has been a steady increase in per capita waste generation in the region, with the municipal waste recycling rate among economies being very low, while resource intensity as a measure of resource efficiency has remained relatively high. In addition, enterprises in the region are rarely aware of the opportunities of a circular economy, such as reduced environmental impact, more sustainable use, and conservation of natural resources, lower production costs, increased innovation, increased competitiveness, greater resistance to external shocks through reduced dependence on resources or the creation of new markets and jobs. Of particular importance is the identification of key economic sectors that should be directly involved in the process of circular economic transformation. In addition, it is important in the European framework, to map of the good practices that could be transferred to the economy in the Republic of North Macedonia, when it comes to the circular economy. In the framework of this paper, through the application of a methodological framework of content analysis, comparison, synthesis, and generalization, a diagnosis of the current situation regarding a circular economy in North Macedonia will be presented, as well as the identification of priority sectors/areas as the main key for the future perspectives of the circular economy within these society frameworks. It requires the involvement of all key stakeholders, including government institutions, the private sector, civil society, and academia, to apply a comprehensive approach in setting a future roadmap for a circular economy and encouraging a circular transition for the greater benefit of society of the Republic of North Macedonia, with special reference to improving the future of small and medium enterprises.