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IMF, pessimistic forecast for the Albanian economy/ "Growth is viewed with great uncertainty"

2023-06-21 19:09:00, Ekonomi CNA

IMF, pessimistic forecast for the Albanian economy/ "Growth is viewed with

The International Monetary Fund has published a statement after the end of the visit to our country.

According to the IMF, Albania's economy has shown stability in the face of successive shocks.

This year, economic growth is expected to be around 3 percent, supported by stable consumer demand, tourism and construction activity.

"The Albanian economy has exceeded expectations in 2022, growing by 4.8 percent, supported by strong consumer demand, tourism inflows and construction activity. The current account deficit and the fiscal deficit decreased significantly, in parallel with an appreciation of the lek. This year, economic growth is expected to be moderate, around 3 percent, due to the slowdown in economic growth of trading partners, withdrawal of supportive policy and tighter financial conditions. Continued consumer confidence and tourism will support economic activity this year. "Inflation has been gradually decreasing, but it still remains above the Central Bank's target," the statement said.

It is further emphasized that: "The forecast is conditioned by a great uncertainty. Slower than expected economic growth of trading partners may affect exports and economic growth in Albania. Inflation may last longer, driven by tight labor market conditions and significant public sector wage increases, also affecting private sector wages. An escalation of Russia's war in Ukraine and unfavorable weather as a factor in electricity production could bring about a repeat of supply shocks. On the other hand, the economy may again be more stable than expected, thanks to the strong performance in tourism."/ CNA.al





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