TIRANA, Oct. 5, 2022 – Albania will feel the effect of global economic turmoil, which will be reflected in lower growth forecasted for next year, according to the latest World Bank report.
The forecasted level of economic growth for 2022 remains unchanged, but it was lowered by 1.2 percent for next year to 2.3 percent GDP growth, according to the report.
Albania also has the lowest forecasted growth in the region while North Macedonia’s economy is predicted to grow in 2023 by 2.7 percent, Serbia 2.7 percent, Montenegro 3.4 percent and Kosovo 3.7 percent
The World Bank points out that the unprecedented increase in prices carries consequences for both consumers and governments by limiting fiscal affordability, productivity of firms and the well-being of families.
The World Bank suggests in its report that governments intervene through support policies to guarantee a minimum income and to protect individuals and families from shocks with negative effects.
