Time for reforms as Albania’s economy moves ahead amid challenges: WB’s CEEEU report

“The post-election period is strategic to move ahead with the reform agenda, which will also ensure the reduction of poverty,”states the World Bank on Albania in the newly published Central and Eastern European Economic Update report.

This report holds the title “Migration and Mobility”. The World Bank offers its suggestions for Albania in a dedicated part in the chapter of challenges and risks.

By reforms the rport means the upcoming structural ones that will improve business climate, but also those in justice, energy, public investment management and skills upgrading.

Regarding future forecasts, in the short term the World Bank is optimistic, and has even slightly revised the positive economic growth projections this year, to a 3.6%, up from the previously estimated 3.5%.

In the medium to long term, the situation varies. By 2019, the bank has cut growth projections, to 3.5%, from 3.8% predicted in the June report.

Following the European Commission, the World Bank has undermined the government’s expectations for a growth of over 5% over the medium term, and like Brussels it emphasizes the importance of implementing reforms.

Foreign direct investment, growth in exports and strong domestic consumption, reads the World Bank report, will continue to support economic growth over the next few years.

The institution also points out that poverty will fall sharply in the coming years.

Overall, in the part devoted to Albania, the World Bank positively assesses recent developments in the country, focusing on the macroeconomic framework.

The labor market, fiscal performance and foreign direct investment have received maximum attention.

SCAN

*Material i përgatitur nga portali SCAN. Ripublikimi mund të bëhet vetëm kundrejt citimit të autorësisë dhe burimit origjinal.