The International Monetary Fund predicts a strong economic rebound for this year after the long recession experienced in the one we left behind. The global vaccination rollout is set to rev up the economic engine, while the IMF forecasts an economic growth by 5% in Albania.
The International Monetary Fund also expressed optimism on global growth forecasts for this year but insists that there are still “high insecurities” ahead.
In regards to Albania, the prospects for recovery appear somewhat faded in comparison to the last IMF report, but it is sealed with positive progress following the end of a crippling 2020.
In the World Economic Outlook 2021, the economic decline for 2020 was -3.5%, an estimate that seems to align with the official evaluation made by INSTAT, the country’s statistical institute, while growth in 2021 is predicted at 5%, unlike it was claimed in October at 6.1%.
The report’s keyword for development and the reopening of the economy remains vaccine rollout, a process that is extending throughout the glove.
So far, Albania has injected 200.000 doses.
Compared to the region, Albania has experienced the lowest decline after Serbia (-1%), while the worst-hit country from the pandemic is Montenegro -15.2%.
The economy in North Macedonia shrank by -4.5% and in Kosovo by -6%.
On a global scale, the IMF expects a rebound by 6% after the -3.3% recession from last year due to the drastic measures taken by countries to curb the spread of the virus.
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