Albania’s economic integration

“Our pace should be not less than 5% each year, so that we can pretend to enter the European Union after 2020”, says Omer Stringa, professor at the University of Economy.

The per capita revenues increased in 2009 to 28% of the European Union average, from 22% that they were in 2005. But right after the economy was hit by the crisis, the pace slowed down with three times, and last year they even touched zero.

“Our tasks are even more difficult now, because the factors that push our convergence are different from the last decade”, declared Erjon Luci, Chief economist at the World Bank branch in Tirana.

Erjon Luci says that in the last decades, the welfare gap between the European Union countries got smaller because it was encouraged by the free market and the financial integration. But he now thinks that other and more difficult interventions are needed, or Albania will risk to not get closer to the European standards of living.

“The reforms are connected to the improvement of the working power, especially to the capability of the working power in our job market, and also in the completion of the structural reforms, so that they can improve the business climate and increase the chances to bring foreign funds in our country. But for these funds to turn into a better standard of living, the job market must answer with a better quality from workers”, Luci declared.

Albania is currently the penultimate country in Europe as regards welfare. Per capital icnomes are 30% of the European Union average, leaving behind only Bosnia with 28%.

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