Albania and Kosovo, Highest GDP Growth Rate in Western Balkans, WB Says

TIRANA, October 5

Albania’s economic growth during the first half of the year improved the expectations of the World Bank (WB) on the country’s economy for 2018. According to the economic report on the Western Balkans, Albania and Kosovo are expected to mark the highest growth in the region for the current year. Based on the WB’s analysis, economic growth in Albania created new jobs and increased the labor force participation rate.
However, the report highlights that almost half of the growth rate is related to the high electric power generation. A decline in this sector’s contribution and the conclusion of the Trans Adriatic Pipeline (TAP) project will have their economic impact in the following years. The WB stance foresees a 3.5 percent economic rate growth in the middle term until 2020. In order to guarantee economic growth in the long term, the WB pointed out the importance of reforms that increase physical and human capacities, and that reduce obstacles for labor force participation.

News Source: Scan TV