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Albanian economy to record 3.5 percent growth in 2017

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Staff Writer | January 12, 2017
In Global Economic Prospects Report, the World Bank expects the Albanian economy to grow by 3.5 percent in 2017.
Economy in Europe   GDP growth is projected at 3.7 percent
Tt sees the country's 2016 real GDP growth at 3.2 percent in line with its projection from June 2016.

In 2018, Albania's economy is expected to grow by 3.5 percent, down by 0.3 percent compared to the June 2016 forecast. In 2019, Albania's GDP growth is projected at 3.7 percent, according to the report released by the World Bank.

World Bank's forecast is lower than the projection made by the Albanian government which expects a 3.8 percent growth in 2017, and lower than the one made by the International Monetary Fund (IMF).

The IMF expects Albanian economy to grow by 3.7 percent this year, leaving behind other countries in the region, local media reported.

The World Bank noted in its report that the economic growth has significantly accelerated throughout 2016, in Albania, Serbia, Romania and Croatia, thanks to an aggressive job demand, the increase of investments due to better absorption of European funding, as well as upgraded job market, particularly in Albania.

On the other hand, it said that Albania's GDP growth in 2016 was supported mainly by labor market improvements and strong domestic demand.

According to the World Bank, the Albanian economy benefited during the recent years from major investments in the energy sector.