The economic growth will not be more than 3%, says Bank of Albania

Bank of Albania has published a report for the economy’s performance during the first trimester of this year, which shows that the economic growth will be only 3% for 2015. The economy will reach the potential growth rhythm in the middle of the next year, but in lower rates than it used to increase before the economic crisis of 2008.

The potential economic growth indicator shows the highest level of growth that a certain economy of a country can reach by fully exploiting its producing capacities. The report shows that Albania’s economy cannot reach the potential economic growth as before the economic crisis of 2008, a fact that shows the need of the economy for further reforms.

In turn, the predictions on the economic growth for 2016 issued by the International Monetary Fund and the government’s official reports say that the economic growth in 2016 will be at least 4%. Bank of Albania’s report shows that such figure goes beyond the potential of the economy, based on current statistics.

The structural reforms are the most important instrument for having a stable economic growth, is cited in the report. They must focus in the increase of production and the expansion of markets for Albanian products.

News source: Scan Tv

Photo credits: Senior Living