The Economist Intelligence Unit: Albanian economy is recovering

According to national television Top Channel, The Economist Intelligence Unit agency has published a report in which analyses the reasons that helped Albania to become a candidate state of European Union, what are the latest economic developments, how the justice system and the economy are performing, which measures need to be taken in these fields and what is the perspective of the Albanian economy in the upcoming years. Top Channel states that the report has been published on September 9th, 2014 by The Economist.

Regarding the justice system, the report says the reform in justice system is difficult, and in the time this reform will be successful, the negotiations for membership with the European Union. As for the integration process of the country, The Intelligence Unit says that the intervention of the Albanian police in Lazarati village, by destroying tons of cannabis sativa. The second main reason why Albania won the candidate status is the settlement of an agreement with the Cez company, after many months of discussions.

The analysis of TEIU considers that the Albanian economy is showing a slightly but stable increase. The current government inherited a grave economic situation but the latest data show that the economic activity in country has been increasing recently.
After 2009, the public dept increased rapidly but the current government took a loan of $457 ml in order to put under control the increase of it. According to The Economist, the agreement with the IMF is necessary for the Albanian economy since the situation in the Eurozone is not showing positive signals.

This means that the Albanian exports with Eurozone countries as destination have decreased, as well as the remittances. For 2014, The Economist report predicts the increase of the production to be circa 2% but in the next year, the production will increase to 3%. “The Economist Intelligence Unit” center concludes that Albania will have the possibility to start negotiations to become a member of the EU in the end of 2015, by accelerating and implementing the initiated reforms.

News source: Top Channel

Photo credits: Flickr / Jonathan Wilcox