Albania: 2023 Article IV Consultation-Press Release and Staff Report

Albania: 2023 Article IV Consultation-Press Release and Staff Report
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Volume/Issue: Volume 2024 Issue 007
Publication date: January 2024
ISBN: 9798400263484
$20.00
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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , policy rate increase , headline inflation , liability positions vis-à-vis nonresident , budgetary funds , EU accession prospect , foreign currency , General government operation , Currencies , Global , Europe

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Summary

The Albanian economy has emerged as one of the stronger performers in the region. The rising role of tourism has boosted confidence in the country’s prospects, a factor partly reflected in the steady appreciation of the lek. While growth is moderating, it is expected to remain robust at around 3½ and 3¼ percent, respectively, in 2023 and 2024. Inflation is gradually declining though it remains above the central bank’s target amid tight labor markets. Medium-term prospects, however, are constrained by structural challenges, including shortfalls in the rule of law and emigration pressures.