Albania Made Improvements but More are needed for EU Accession

TIRANA, December 14

Albania is moderately prepared in developing a functioning market economy. This was said in the report on progress toward meeting the economic criteria for EU accession, issued by the European Commission. Several issues such as macroeconomic stability, the interplay of market forces, market entry and exit, the legal system, employment, human and physical capital, were analysed in the report.
“Some progress was made in improving macroeconomic stability and growth prospect improved. Inflation remained low. However, significant challenges remain. Further efforts are needed to sustain fiscal consolidation, improve the business environment and tackle the informal economy,” the report says.
Moreover, it says that Albania should also improve the budget management framework and address the high level of nonperforming loans while the levels of unemployment (17.5%) and informal employment remain high.
Meanwhile, as regards the capacity to cope with competitive pressure and market forces within the Union, Albania has some level of preparation. The report highlights that progress was made in the sectors of education, transport and energy infrastructure.
“Significant investment in human and physical capital is necessary to improve Albania’s competitiveness. Albania should improve the quality of higher education and continue restructuring the vocational education and training, adopt and implement the national transport and energy strategies and lower non-tariff barriers to trade such as shortcomings in food safety,” the report concluded.

News Source: ec.europa.eu