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Economy

Economy

Unemployment and Poverty in Albania

Albania’s strong economic performance prior to 2008 was accompanied by positive changes in employment and a strong reduction in poverty rates. The poverty rate, measured by nationalstandards, decreased from 25 percent in 2002 to 12 percent in 2008, and rural poverty dropped by an even more impressive rate from 40 to 15 percent over the…

Economy

Financial Sector in Albania

The financial sector continues to face important risks, especially external ones, but it has remained stable and recently has shown improving trends. The outstanding credit contracted by ALL 3 billion in the first quarter of2014. Overall lending contracted by 1.7 percent in annual terms during the second quarter of 2014. Lending increased during the second…

Economy

Fiscal Policy in Albania

The Government of Albania is currently implementing a number of reforms with the aim of reducing rigidities in public spending and freeing up resources for more efficient spending. Public debt has surged since 2008, reaching 71 percent of GDP in 2014. The increase in public debt resulted from loose fiscal policy, the need to support…

Economy

Recent developments in Albania’s economic growth

Albania’s growth indicates signs of recovery since the global economic crisis. The country’s growth suffered from the Eurozone crisis, in particular in neighboring Italy and Greece. Exports, remittances, and to some extent foreign direct investment (FDI) fell and were the main channels of the external shocks on the economy. Growth reached its lowest rate of…

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