WB cuts projections for Albania – Economy falls by 8.4% this year, there will be no recovery in 2021

The World Bank has again cut its economic growth projections for our country, and now speaks of a contraction of 8.4% this year, approaching the pessimistic projection of the European Bank for Reconstruction and Development (EBRD) of -9%. These figures represent a significant drop compared to June, when the World Bank spoke of a 5.4% economic downturn this year. For next year, the economy is projected to grow by 5%, up from 8.8% forecast in June, when the Washington-based institution released its latest projections. The negative scenario of next year, meanwhile, speaks of an economic growth of only 3%.

Like the EBRD, the World Bank is already signaling the same thing: next year there will be no economic recovery, so it will not be able to return to pre-pandemic rates, as predicted in June. Compared to other countries in the region, Kosovo and Montenegro are projected to have a more severe economic collapse this year. Between the lines dedicated to Albania, the World Bank underlines that poverty will increase, but also that some relief for the economy will come from the reconstruction process.

SCAN

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