The Governor of BoA Sejko “preaches” prudence and optimism – “We have all the premises to face the crisis successfully”
The Governor of the Bank of Albania, Gent Sejko, said on Thursday in his annual report to the Albanian Parliament that the Albanian economy has all the premises to successfully cope with the Covid crisis. Despite the fact that the consequences for this year will seriously affect the Albanian economy, reducing production and increasing unemployment, Sejko said that the measures of the government and those of the Bank of Albania have partially mitigated the negative consequences.
Sejko underlined that the financial market has functioned best during the months of pandemic, responding to the government’s increased demand for funding and supplementing the business support schemes offered by the government.
The Bank of Albania estimates that the peak of the economic crisis was in the second quarter of the year, while the situation will gradually improve in the second half of the year. The economy will decline significantly this year, accompanied by declining employment and declining household incomes. The recovery of the economy is expected to be rapid, starting in 2021, but all future scenarios still have a high degree of uncertainty, related to developments of the Covid-19 pandemic.
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