Economy will start the recovery next year – Forecasts / Economic growth 5.9 percent, debt will decrease
After the severe consequences left by COVID-19 and the earthquake of November 26, the Albanian economy is expected to start “healing” in 2021 and beyond. The Ministry of Finance, in the macroeconomic and fiscal framework 2021-2023 projects that after the strong review in 2020, economic growth will be 5.9 percent in 2021
Over the medium term, growth is expected to be generated mainly by domestic demand, both private consumption and investment. Private consumption is expected to be driven mainly by improved consumer confidence as well as improvements in the labor market.
While public debt is targeted at about 65 percent of GDP by 2025 from about 80 percent expected to result in 2020. Total budget revenues for the following three years (2021–2023) are projected to increase on average by about 8.7 percent each year, while tax revenues for this period are projected to grow at an average annual rate of about 9.5 percent. Expenditures in the next three years are expected to average about 537 billion ALL each year or an average of about 29.1 percent of GDP. Public investment is programmed to be maintained at an average level of about 5 percent of GDP each year.
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