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World Bank: Albania the country with the smallest economic growth in the region for the next two years
Written by SOT.COM.AL 4 Tetor 2022
The World Bank estimates that the price crisis will be more reflected in the Albanian economy in the next two years.
In the last report, the level of economic growth for this year was left unchanged, while for the next year it was revised with a decrease of 1.2%.
In the autumn projections, the World Bank emphasizes that the Russia-Ukraine war is giving strong blows to the trade chain between the countries, significantly increasing the price of energy and food.
Albania turns out to be one of the countries that will have the lowest level of economic performance if we compare it with other countries in the region. For the year 2023, economic growth will be only 2.3%, ranking after North Macedonia and Kosovo.
The World Bank points out that the unprecedented price crisis carries consequences for both consumers and governments by limiting fiscal affordability; productivity of firms; and the well-being of families.
In the report, the World Bank suggests that governments intervene through support policies to guarantee a minimum income, to protect individuals and families from shocks with negative effects.
Economic growth in the Region for 2023
North Macedonia 2.7%