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Economy

Vienna Institute revises Albania's GDP, next wave of pandemic does not create recession

  • 7/8/2021 1:40 PM
Vienna Institute revises Albania's GDP, next wave of pandemic does not create recession

The Vienna Institute for International Economic Studies improved expectations for increased Gross Domestic Product this year and in the next two years. In the new projections for 23 countries of Central, Eastern and South-Eastern Europe, including Albania, the institute revised the projections for the economy of 20 countries.

Albania's economy will grow by 5 percent in 2021 from the 4.5 percent forecast for April 2021. “The mass vaccination campaign launched in March has had the desired effect and the number of COVID-19 cases has dropped significantly. However, there are negative risks from new variants of the virus and from the influx of tourists. The Socialist Party emerged victorious from the April 2021 elections and will govern the country for a third term. This means a certain stability and the continuation of some infrastructure projects that will attract investment. Thus, we have improved our growth forecast for 2021 from 4.5% to 5%, and for the next two years to over 4%, "the official statement of the Vienna Institute for International Economic Studies says.
They further analyzed the performance of the Albanian economy in the first quarter of 2021. Growth accelerated to 5.5% in the first quarter of 2021. Exports of goods increased by 35% in the first four months of 2021, while exports of services marked growth mainly from tourism, which this year will rely on visitors from neighboring countries.

/Klara Ruci/