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PORTFOLIO OF MACROECONOMIC PROCESSES AS A TOOL OF THE COUNTRY'S ECONOMIC EFFICIENCY MANAGEMENT
Laima Okuneviciute-Neverauskiene, Irena Danileviciene, Vytautas Aleksandras Rutkauskas

ABSTRACT. The country's economic situation is closely related to the individual branches of the productivity level. Productivity growth leads to higher wages level and the creation of new jobs, which means that there is a strong probability that people's income will improve their position in society while falling unemployment will have a positive impact on people's quality of life and overall employment situation in the country. More efficient use of available production tools and knowledge (competencies), as well as targeted utilisation of available labour force also increases productivity, which in turn promotes the probability of higher return and improvement of the country's economic situation. Productivity affects both the national economy and the country's competitiveness and it seeks opportunities to increase the country's level of productivity by properly analysing the current situation and modelling solutions to the practical problems. The article provides for analysing the factors determining productivity in the European Union countries according to the selected factors (wages, employment, production goods, knowledge, and competencies) and to propose a more efficient model of the utilisation of financial resources that promotes productivity growth. The aim is to model a system, which takes into account the macroeconomic factors on which the indexes of the country's economic power depend will optimise the allocation of financial resources for maximum return and productivity growth. The simplified function of a portfolio as an instrument is simply viewed as a set of financial assets whose performance can be viewed with indicators of portfolio goals and can be accomplished through a stochastic performance-dependency assessment approach, where credibility becomes a real tool for end-user development. The aim of the article is to develop and approve the concept and computerised analytical system, which will allow the targeted allocation of the relevant financial resources as determinants of productivity in order to achieve higher productivity and, accordingly, the competitiveness of the country. To achieve this objective the following tasks are solved: to analyse the aspects of productivity and competitiveness and their determinants; to assess the impact of factors on competitiveness; to propose the concept of allocation of financial resources (investments) in order to achieve higher productivity and more efficient use of its determinants. In this paper the following methods are used: systematisation, comparison, a generalisation of scientific concepts and empirical research results, augmented Dickey-Fuller unit root test, adequate investment portfolio formation method.

KEYWORDS:  wages, investments, portfolio, productivity, employment.

JEL classification:  E24, J31, F21, G11, G31, J24.