Albania’s economy contracted by 7.5% in 2020

TIRANA (Albania), September 29 (see news) – The International Monetary Fund (IMF) said it expects Albania’s economic output to decline by 7.5% this year as a result of the coronavirus pandemic and the 2019 earthquake, more than the expected 5% contraction. Previously.

In a closing statement, the International Monetary Fund said in a closing statement at the conclusion of a hypothetical staff visit to the country on Monday that Albania’s economy is expected to recover from the second half of the year and grow gradually in 2021 as the impact of the epidemic wanes and reconstruction work continues after the earthquake.

The International Monetary Fund also expects Albania’s fiscal deficit to rise to around 7% of GDP and the public debt-to-GDP ratio to rise to 80% in 2020. Inflation is expected to remain low.

The International Monetary Fund said that in order to mitigate the effects of the COVID-19 pandemic on the economy, government support must be temporary and well targeted, support basic activities and protect the most vulnerable, adding that Albania needs to make strong efforts to protect financial stability while supporting borrowers. Traumatized.

The International Monetary Fund has also highlighted the country’s need for an improved tax system that helps growth, as higher revenues are critical to sustaining the higher spending needs of individuals and the economy.

Albania’s Ministry of Health data shows a total of 13,391 cases of coronavirus, including 380 deaths, as of Monday.

On November 26, a 6.3-magnitude earthquake, the worst to hit Albania, killed 51 people and injured nearly 3,000 others.

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