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Economy

Minister of Economy Ibrahimaj: The Albanian economy is recovering and is on the right track

  • 10/13/2021 10:17 AM
Minister of Economy Ibrahimaj: The Albanian economy is recovering and is on the right track
The Minister of Finance and Economy predicts that economic growth for 2021 is projected to be around 7.6%. In the joint conference with the Head of the IMF Mission, Yan Sun and the Governor of the Bank of Albania, Gent Sejko, at the end of the next supervisory mission, in the framework of Article Four of the agreement, Minister of Economy and Finance,  Delina Ibrahimaj said that the Albanian economy after two successive shocks, the earthquake and the COVID pandemic, not only has returned to normality but all indicators signal the following positive outlook.
Ibrahimaj said that for this year the annual growth is expected to result in very positive levels, even significantly above the level of the initial forecast of about 5.5%. Ibrahimaj stressed in her speech that the country last year went through one of the worst recessions in decades, with -4%. "Currently we forecast an increase of about 7.6% for this year. While for the medium term we anticipate that it will stabilize around the level of 4%. We anticipate that such an increase in the medium term will be generated mainly by domestic demand, both from private consumption and investment. GDP contraction due to the pandemic peaked in the second quarter of 2020 at around -11% and the last quarter returned to positive ground. While the whole year 2020 recorded a recession of minus -4% ", declared Ibrahimaj.