|GDP, current US$ billion||13.04|
|GDP per capita, current US$||4,544|
|Life Expectancy at birth, years (2017)||78.2|
Albania has made remarkable economic progress during the past three decades. Due to strong growth performance, Albania grew from one of the poorest nations in Europe to a middle-income country, with poverty declining by half during that period.
However, the global financial crisis exposed the weaknesses of Albania’s growth model and highlighted the need to shift from consumption-fueled to investment- and export-led growth. The new model will need to help those people with less access to economic opportunities to contribute to, and benefit from, economic growth.
In order to accelerate the pace of equitable growth, Albania is implementing structural reforms that will 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.
Recognizing these challenges, the Government of Albania has embarked on a broad-based reform program focused on macroeconomic and fiscal sustainability, financial sector stabilization, energy concerns, pensions, and territorial administration.
Significant progress, propelled by the ongoing reforms, has created the conditions for rebounding business confidence and domestic demand, including early signs of increased investment and an export-led recovery. Maintaining the reform momentum and implementation is critical to Albania’s continued economic growth and aspirations to European Union (EU) integration.
Last Updated: Apr 15, 2019