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Economy

Sejko: Albania expected to have an economic growth of 4.9% this year

  • 3/25/2021 8:50 AM
 Sejko: Albania expected to have an economic growth of 4.9% this year

The Governor of the Bank of Albania, Gent Sejko, has stated that this year we are expected to have an economic growth of 4.9%.

"Last year ended with a recession. Based on the monetary policy statement, we anticipate economic growth over the next 2 years. Economic growth for this year is projected at 4.9% while next year 4.1%. The sooner the population is vaccinated, the sooner the economic indicators will improve. The summer season is a test of how economic growth will continue," said Sejko.

He stated that economic activity is expected to stabilize in two years, but stressed that the Bank of Albania forecasts that in two years we will improve the situation, adding that the situation also depends on the pandemic.

"Economic activity is expected to stabilize in two years. Inflation was lower than expected. The performance was influenced by food prices. Economic activity is improving. Fiscal policy will remain simulated. Lending growth is stabilizing the economy, budget revenues have declined slightly.

The exchange rate appears stable. The basic rate for the lek has not changed. Tourism is a test of how economic growth will come about. Uncertainties are high. Economic forecasts also depend on the pandemic, our policy, to promote the national currency. Tightening measures against Covid affected employment"

In the first 2 months of the year Sejko said that inflation was lower than expected.

"The unemployment rate increased at the end of 2020. The unemployment rate increased to 11.8%. Pandemic austerity measures have affected employment. Budget revenues have declined slightly while expenditures have increased. Credit expansion has been relatively balanced. Increasing demand will require increased employment. The current monetary policy stance remains appropriate," said the governor of the Bank of Albania Sejko.

/Klara Ruci/