|GDP, current $ billion||18.9|
|GDP per capita, current $||6,743|
|Upper middle-income poverty rate (US$6.85)||34.2|
|Life Expectancy at birth, years||76.5|
Albania is implementing important structural reforms that will support equitable growth, raise productivity and competitiveness in the economy, create more jobs, and improve governance and public service delivery. Enhanced regional connectivity and access to regional and global markets, coupled with export and market diversification, can also help promote faster growth.
After weathering the consequences of the 2019 earthquake, COVID-19 pandemic, and price crisis, the government’s focus is now on full recovery with special attention on tourism, agriculture, and digitization. It is encouraging to see that there is increased attention to climate change and the environmentally-friendly interventions across economic sectors.
In 2022, growth reached 4.8% as private consumption, exports, and investment increased despite rising energy and food prices. And in spite of another year of exceptional growth in tourism, economic activity is likely to moderate in 2023. Poverty is expected to continue to decline as employment and wages rise. The medium-term prospects hinges on global recovery, structural reforms, and fiscal consolidation.
The World Bank and other partners are cooperating to support the government in overcoming these challenges and implementing the country’s longer-term vision.
Last Updated: Oct 10, 2023