“Albania will not escape economic crisis”

EBRD has a reputation for giving very pessimistic predictions. They say that Albania will have a 1.9% economic growth this year, and the year after that will be even lower. The Communication Director for the European Bank for Reconstruction and Decelopment says for top Channel that the government must undertake deep reforms.

“We are living in a time of big economic uncertainties and not far from here, in the southern border, Albania has Greece. Everyone is concerned for what Greece will decide to do about this and its impact in the Euro Zone. Albania will not be able to avoid the involvement in what is happening there and in the entire region. The reason why we are lowering the economic growth predictions for Albania and the region is related with the fact that what will happen in the Eurozone or Greece will be reflected even in this part of Europe”, declared Jonathan Charles, the EBRD Communication Director.

EBRD has lowered its prediction for the Albanian economy of 2011 in the lowest level of only 1.9%, while the next year is expected to be more negative.

“For the next year we are expecting an economic growth of only 1% for Albania. Certainly, this is related with the external causes, with what is happening in the Eurozone and a possible escalation of the Greek crisis, which means that there will be problems in the entire region”.

Charles says that in these conditions, Albania must continue the reforms in some key sectors where the country has advantages and that will have the support of EBRD.

“Most important is to start thinking about the economic future, about the investments needed by the economy for its growth. We think that for Albania, the best way is to help the small and medium enterprises, which are the biggest job sources. Infrastructure is also very necessary for encouraging investments. Other examples are the investments in the renewable energy, the hydropower plants that we are strongly supporting. Albania can have a more efficient energy that could bring money through export”.

EBRD is one of Albania’s main investors that assist the private sector.

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