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EC report on the economic situation in Albania: It was lightly hit by COVID! Reconstruction and tourism curbed the severe recession

  • 5/4/2021 7:04 AM
EC report on the economic situation in Albania: It was lightly hit by COVID! Reconstruction and tourism curbed the severe recession

Despite all the predictions made at the start of the pandemic, Albania's economic downturn was among the lowest in the region. This fact is already confirmed by a report of the European Commission dedicated to the economic situation of candidate countries for the European Union.

According to the analysis, the recession in Albania was at the level of 3.3%, ranking second among neighboring countries, after Serbia which suffered a decline to 1%. Among the countries with the highest decline is Montenegro with 15.2% which resembles the economic structure of Albania which is based on the services sector and tourism. It is followed by North Macedonia and Bosnia and Herzegovina with -4.5% and Kosovo with -3.9%. The improvement of tourism in the summer months and the construction sector also affected by the reconstruction of the country after the earthquake has impacted this low decline according to the assessment of the Commission.

But on the other hand, the European Commission estimates that the country's economy will recover this year more slowly than the forecasts of the Albanian government. Specifically, according to the report, the growth this year will be 3.7% lower in the region, and in 2022 we will have a greater improvement than the neighbors of 4.6%.

While the World Bank has estimated a few days ago that the Albanian economy will grow by 4.4% this year, helping the vaccination process and tourism.

/Klara Ruci/