According to the latest World Bank report, for the first three months of 2023, the economy in Albania has progressed at a positive rate.
Albania has made efforts to improve the fiscal sustainability of the pension system, says the World Bank, while adding that it still has to struggle with financial sustainability and adequacy.
Albania was one of the fastest growing economies in the Western Balkans region.
During 2022, overall growth was 4.84 percent of GDP, making Albania the second fastest growing economy in the Western Balkans region, after Montenegro. Albania has the highest youth employment rate of 56.3 percent among the countries of the Western Balkans.
Across the region, the employment rate of youth aged 15 and over reached an all-time high of 47 percent in September 2022. The largest annual increases were recorded in Albania and Montenegro at 2.7 and 7.9 percent, respectively.
World Bank officials added that the tourism sector has recovered in Albania and has even exceeded pre-pandemic levels. International tourism revenue accounted for more than 50 percent of the country’s total exports in 2019, which was followed by a sharp decline in visitors to the country.
But in 2022, tourism, compared to the number of nights spent by non-residents, has fully recovered and exceeded the level of 2019 in Albania, as also in Kosovo and Serbia.
Industrial production and agriculture were the sectors most damaged by unfavorable weather conditions in Albania, according to the WB.
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