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Economy

Fitch Solutions improves the forecast for Albania's economic growth in 2021, bringing it to 5.7%.

  • 7/23/2021 12:06 AM
Fitch Solutions improves the forecast for Albania's economic growth in 2021, bringing it to 5.7%.

Fitch Solutions, an intelligence unit of the international rating agency Fitch, announced that it has revised the forecast for the growth of Albania's Gross Domestic Product (GDP) for 2021, an increase by 1.5 percentage points, bringing it to 5.7%.

This assessment, published in the latest risk report of Albania for the second half of 2021 is in the opposite line to that of February of the same year, where 4.8% was the previous forecast, expecting the country's economy this year to be expanded by 4.3%.

"We have revised the forecast of real GDP growth 2021 for Albania to 5.7%, from 4.3% before. Much of the recovery will be from gross fixed capital formation due to post-earthquake reconstruction efforts. Meanwhile, we expect that the continued rapid progress of Covid-19 vaccination in Albania will support a sustained recovery of private consumption, while an improvement in tax collection in line with the economic recovery supports the continued increase in government spending"underlines the recent report.