Albania’s Economy will Grow Faster in 2017, IMF Says

TIRANA, November 14

The International Monetary Fund (IMF) confirmed that after a few years of economic growth below the region’s average, Albania’s economy will grow at a solid pace. This was confirmed by the Regional Economic Issues report, recently unveiled by IMF. According to this report, the country’s economy is expected to grow by 3.7 percent in 2017, thus leaving behind the other countries of the Western Balkans.
Moreover, the same data confirm that Albania will rank second among the former communist countries of South-Eastern Europe. Only Romania is expected to have a slightly increase higher than Albania, by 3.8 percent while all the other countries will have an economic grow below 3.7 percent.
Albania lost the status of the most dynamic economy of the region in 2012 when production fell more drastically than ever and reached the level of one percent. According to IMF, during the last three years, Albania’s economy improved even if at a slow pace thanks to major investments such as TAP or the Devoll Cascade and also by the regeneration of private consumption.
Although, Albania will lead the region, the level of economic growth is still lower compared to the period prior to the crisis. During those years, national productions increased at an average of six percent.
Further on, IMF says that Albania’s economy is expected to gradually increase up to 4.2 percent. On the other hand, the levels before the economic crisis cannot be reached due to the fact that the world entered a new economic normality and all the countries reflect slower economic growth.

News Source: TCh