CIA Report: Albania still threatened by Italy and Greece’s economic crisis

A report of the CIA about Albania says the country’s economy is still exposed to risk due to the deterioration of the economic crisis in Italy and Greece, being that the two countries are Albania’s main trade partners.

The economy of the country, according to the report, will suffer from the increase of the external debt and the strong economic ties with Greece and Italy. Main contributor to the Albanian economy have been the remittances from Albanian emigrants which live in Italy and Greece but since the economic crisis in 2008, the country noticed a significant shrank of remittances which affected negatively in the economy in general terms.

The report says the government is facing difficulties and challenges during 2015 at a time when it is making efforts in implementing several reforms, as required from the International Monetary Fund. The reforms undertaken in the energy sector and in the decrease of informality in the trade sector have in focus the collection of taxes and this has put in difficulty thousands of citizens.

Remittances still remain an important catalyst of the economic growth of Albania, cites the report from the CIA.

News source:  Shqiptarja.com
Photo credits: Fingalo / Wikimedia