Countries must undertake structural reforms, keep public debt under control, attract more investment, and increase productivity in the labor market. These are some of the World Bank's recommendations for governments around the world to help them weather the difficult days ahead.
To get through the difficult days that are on the horizon as easily as possible, countries must undertake structural reforms, keep public debt under control, absorb as much investment as possible, and increase productivity in the labor market. These are some of the World Bank's recommendations for governments around the world, with a main focus on maintaining human resources and investing in technology to cope as much as possible with the economic crisis that is expected to affect everyone.
"If the government manages to channel funds, by undertaking reforms and investing in technology and digitalization, it would really take a step forward. It would reduce public debt as there would be more production, and consequently it would be able to help the needy as the World Bank recommends," economics professor Mikel Qafa told A2 CNN.
The pace of economic expansion this year will be particularly slow for developing countries, including Albania, so they must move quickly towards finding other sources of growth, the World Bank estimates.
"The World Bank itself has a series of grants that can enable Albania to move from its current backward economic phase to the advanced digital one it produces," Qafa emphasized to A2 CNN.
For the six Western Balkan countries, the World Bank predicts that economic growth will remain in the single digits this year. Expansion will be supported by increased consumption, lower inflation, a gradual recovery in the eurozone, increased public spending on EU-funded infrastructure projects, and tourism revenues. (A2 Televizion)
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