Albania’s Economic Growth to Slowdown in 2022, WB Says

Albania’s Economic Growth to Slowdown in 2022, WB Says

TIRANA, January 12

Albania’s GDP growth will drop to 3.8 percent in 2022 from 7.2 percent in 2021, the World Bank (WB) Global Economic Prospects cited on Tuesday. According to the WB, the country’s GDP growth in the 2022 forecast will be 0.1 percent points more than June’s forecast. Moreover, growth will be seen slowing to 3.7 percent in 2023.
Based on the prospect, economic recovery in the Western Balkans region will lose momentum.
“Medium-term growth in Albania and North Macedonia should be boosted by accelerating structural reforms in preparation for EU membership, provided negotiations surrounding the accession process are not further delayed,” the forecast report says.
According to the WB, Montenegro had the highest economic growth rate in 2021 at 10.8 percent, followed by Albania at 7.2 percent, and Kosovo at 7.1 percent.
Moreover, the WB’s report pointed out that the global economy is entering a pronounced slowdown amid fresh threats from COVID-19 variants and a rise in inflation, debt, and income inequality that could endanger the recovery in emerging and developing economies.

Source: The WB

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