|GDP, current US$ billion||20.0|
|GDP per capita, current US$||7,069.2|
|Upper middle-income poverty rate (US$6.85)||34.2|
|Life Expectancy at birth, years||77.0|
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 well the consequences of the earthquake, 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 an increased attention to climate change and environment–friendly interventions in economic sectors.
During 2021-2022 the economy experienced a strong rebound with growth fully recovering to pre-pandemic levels, and resurge of travel, construction, and extractive industry. Private investment, consumption, and public spending drove growth, while public debt remained high. Growing inflation and the war in Ukraine threaten economic and poverty prospects in 2022.
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: Apr 07, 2023