Albania’s Economy to Shrink 7.6%, BoA Foresees

TIRANA, October 8

Governor of the Bank of Albania (BoA) Gen Sejko said on Thursday that Albania’s Gross Domestic Product (GDP) will decrease 7.6 percent in 2020 as a result of the COVID-19 pandemic. However, Sejko said that the worst is past, as the lowest point was during the second quarter (Q2) of 2020. According, to BoA’s scenario, a rebound of the economy is expected during the upcoming year.
Meanwhile, the Governor said that forecasts change frequently and the most important thing is the economic recovery in 2021, in cases that the pandemic situation won’t force new restrictive measures.
By the end of September, the International Monetary Fund (IMF) projected a 7.5 percent decline of the Albanian economy in 2020. According to the statements, the coronavirus impact on the economy, which depends on tourism and remittances, and the earthquake of November 2019 are the main factors for the IMF’s gloomy economic forecast. On its part, the IMF expects economic recovery during the second half of 2021.

Source: BoA