In its new estimates the EBRD expects the Albanian economy to grow by 2.5 percent in 2011 and 3.1 percent in 2012 compared to 5.1 percent and 1.9 percent respectively in the initial report
TIRANA, August 1 – The European Bank for Reconstruction and Development (EBRD) has corrected its forecast on Albania’s GDP growth few days after releasing its July Regional Economic Prospects report. In its new estimates the EBRD expects the Albanian economy to grow by 2.5 percent in 2011 and 3.1 percent in 2012 compared to 5.1 percent and 1.9 percent respectively in the initial report.
The new figures are in line with IMF predictions, but twice lower compared to the 5 percent GDP growth government expects this year. Among the seven South-eastern European countries covered in the report, Albania’s growth at 2.5 percent in 2011 will be lower compared to Serbia and FYROM, at 3.3 percent and 3.1 percent respectively.
“The economy in Albania continues to grow, thanks mainly to a good performance in exports and industry. However, the country is particularly vulnerable to a serious Greek downturn, with which it enjoys close linkages through trading, investments and remittances,” says the EBRD report.
