ALBANIA’S ECONOMY BOOMS

Albania’s economic outlook is currently good, with annual GDP growth standing at 3.5 per cent, compared to 1 per cent in 2014.

“Over the last four years Albania achieved its objectives of correcting large macroeconomic imbalances and restoring economic recovery,” deputy minister of finance, Erjon Luci tells Emerging Europe. “This despite strong external headwinds. Economic growth is rising, driven by a pick-up in domestic demand and foreign direct investment.”

The stability of the economy is reflected in the banking sector, which remains well capitalised and liquid.

“The current economic outlook has improved. Economic recovery is consolidating, and employment is rising,” commented Elisabeta Gjoni, first deputy governor of the Bank of Albania. “The external environment is more benign with a brighter economic outlook in the EU. Monetary policy has contributed to the economic recovery, preventing a dis-anchoring of inflationary expectations.” Ms Gjoni also pointed out that CPI inflation is expected to hover around its current 2 per cent level this year, before gradually converging to target by the end of 2018.

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