UTMS Journal of Economics is an international, multidisciplinary journal intended to anyone with an active interest in economic issues. The Journal is published regularly twice per year (June–December) by the University of Tourism and Management – Skopje, Macedonia. UTMS Journal of Economics is focused for the area of south and southeastern Europe, but contributions from other parts are also welcome. This Journal aims to publish highly selective original articles of current relevance that will have a long-term impact on economics research and it is a key source for professional economists in higher education, business, government service and the financial sector. At least two anonymous referees review each article and make the evaluation. Information for authors are listed at the end of the Journal.