The country's economy grew by about 4 percent last year. An expansion of Gross Domestic Product at these levels would only be good news, and that's it, if all 11 branches of the economy contributed to it. But this is not happening! Construction or tourism, which replaced property sales in the hierarchy of the weight of economic growth, are not enough
"What is now required is what is known as "qualitative economic growth." Qualitative economic growth means that the contribution to economic growth comes from high-performance sectors such as industrial sectors with modern technology, financial and banking sectors, industry, etc.," said Adrian Civici, an expert on the economy.
Albania needs to surpass itself, at least in one direction... that of the economic model. If this does not happen, then the International Monetary Fund predicts that at least until 2029, growth will not exceed the level of 3.5 percent. With the country that, due to the policies pursued, risks building a ceiling over its own head that does not allow it to grow any further, there is little room for optimism for greater well-being, writes A2 CNN.
"Albania, along with all developing countries, needs to have economic growth of at least 5.8 percent to boost wages and living standards," the expert said.
More optimistic are the expectations regarding price stability. After almost 3 years of crisis, inflation according to the International Monetary Fund will remain within the desired targets in the next 5 years. However, even this scenario is jeopardized by the developments taking place in the world.
"An escalation of the conflict in the Middle East would repeat what happened after the Russia-Ukraine armed conflict. Market destabilization and the return of waves of inflation throughout the world, including Albania," Civici said.
According to the World Bank, with an average economic growth of 4 percent, Albania will need about 36 years to reach the average per capita income of EU countries. Meanwhile, if the current progress recorded until the first half of the year is followed, the country will need more than four decades to achieve this objective. (A2 Televizion)
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