Albanian cost of global crisis

The International Monetary Fund experts calculate in the recent regional report for Europe that the production has slowed down in all European economies, compared to the years before the crisis. According to International Monetary Fund, the Albanian Gross Domestic Product was thought to not increase more than 35.1% from 2008 to 2013.

Now with the crisis, the real growth during these years is only 13.9%. As result, the crisis has reduced the production of the Albanian economy with more than 21.2%, which mounts up to 2.5 billion USD, or dozens of lost years of economic development.

According to the International Monetary Fund, the economies under construction in the Eastern and Central Europe are paying the steepest price, with production slowing down to a dramatic pace. Albania is ranked as the fifth economy with the lowest losses from the crisis, after Latvia, Poland, Turkey and Belarus.

But if this was to be compared with the developed countries, the losses of the Albanian economy from the slowdown comes right after Greece, Cyprus, Ireland and Spain, the most problematic countries of the Eurozone. In Germany, the locomotive of the European economy, production losses were only 6%. The last International Monetary Fund report for Europe confirmed once again that the Balkan economies, including Albania, are the ones facing the biggest costs of crisis.

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