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The IMF improves the estimate for the Albanian economy in 2020, but forecasts for 2021

  • 4/7/2021 10:50 AM
The IMF improves the estimate for the Albanian economy in 2020, but forecasts for 2021

The Albanian economy has performed better than expected in 2020, but the recovery is estimated to be slower than expected this year.

The International Monetary Fund has published today the "Global Economic Statement 2021". According to the tables of the report, the economic decline for 2020 is estimated at -3.5%, at levels similar to the official estimates of INSTAT, of -3.31%.

Compared to the April and October 2020 report expectations of -7.5%, the decline is much more moderate.

While for 2021, the IMF has revised downwards the expectation for the country's economic performance to + 5%, from + 6.1% that was in the October assessment. In 2022 the country is expected to grow by 4%, to then slow down to 3.5%

In the region, Albania has the lowest decline after Serbia (-1%). The Balkan country most affected by the pandemic in 2020 was Montenegro, with -15.2%, having the most negative performance from all of developing Europe. North Macedonia shrank by -4.5%, Kosovo by -6%, Bosnia and Herzegovina by -5.5%.

Another highly dependent country on tourism, Croatia, shrank by -9%, according to IMF charts. The only country with growth in developing Europe is Turkey, with + 1.8%.

/Klara Ruci/