IMF: The justice reform will accelerate the economic growth
07/05/2016 15:00
Albanian government allocates 113 million ALL for religious communities, this is how the 2024 budget fund is distributed 02/05 21:30
The International Monetary Fund warns that the justice reform will be
critical for the progress of the Albanian economy. The recent report for
the economy of the region says that there are two reforms that could
accelerate the economic growth in Albania, the judiciary and the one
that brings security for property.
The IMF says that the improvement of the judiciary and the increased security for properties could improve the Albanian economy with 35%, which would accelerate the GDP growth.
Experts of the IMF gave no details about how they have calculated these results. But they say that other structural reforms, such as the facilitation of business procedures and the removal of limitations on foreign investments, would have a smaller impact in the economic growth than interventions in the judiciary and property security.
Lower productivity is the main reason why the economic growth in Albania shrank with a dramatic pace, from 6% that it was before the crisis, to almost 0% from 2012 to 2013. On the other hand, foreign investment associations say that the lack of credibility for courts is one of the main obstacles for foreign investments.
IMF says that the worl economic environment has become more difficult after 2008, that’s why the economic progress will depend on the success of difficult structural reforms. The justice reforms seem the most important, not only for Albania, but for all countries of the region.
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