WB publishes projections for Albania – For this year -5%, next year recovery with 8.8%

The World Bank has published the perspective of the updated global economy, which reflects the institution’s projections regarding the global economy, already in the context of the severe crisis that has “stuck” the whole globe. For Albania, the bank is talking about an economic decline of 5% this year. Although the figures speak of a significant recession, the projection is the same as in April, where there was talk of a 5% drop.

It seems that the bank has not worsened the projections for the Albanian economy, although the effects of Covid-19 on our economy during these two months have become even more tangible. The projection for an economic decline of only 5% this year is significantly more optimistic than that of the European Bank for Reconstruction and Development, which speaks of a decline of 9%. But the World Bank is talking about an economic growth rate of 8.8% next year, up from 6.6% in the previous report.

This growth during 2021 signals a significant recovery of the economy and a return to the situation before the pandemic, within a year. Compared to the region, Albania is projected to have the largest economic decline this year, after Montenegro, as a result of the heavy tourism burden. In terms of the global economy, the World Bank predicts a decline of 5.2% this year, which translates into the deepest recession since World War II.

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