Economic hopes fade away
13/06/2013 19:50
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The World Bank foresees that Albania’s economic growth will be weak in
the three years to come, increasing hopes for a quick revival of the
economy.
In their recent report on global economic predictions, the bank values that Albania’s national production in 2013 will increase with 1.8%.
Bank experts have predicted that the economic growth will keep these levels even for the next year, around 2%, while for 2015 there will be a slight improvement around 3%.
Albania is facing an economic slowdown for the last five years, with minimal production growth.
The recent evaluations come from international institutions, such as the World Bank and the International Monetary Fund, which warn that this situation could last for several years.
But beyond the long slowdown, International Monetary Fund experts and the World Bank have changed their long-term prediction for the Albanian economy, which is related with its potential. Before the crisis, the potential growth of the Albanian economy, which is the average long-term figure, was at 6%.
The International Monetary Fund and the World Bank have reduced the economic potential under 4%, which means that even when the crisis will be gone, the olden era of quick economic growth in Albania seems to belong to the past.
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