albania economic growth set to accelerate imf
News Posted On: 12 October 2009
A new report by the International Monetary Fund expects Albania's economy to grow by 0.7% in 2009 in a report just released. This is in the upper range of the 0.0-1.0% range forecast made in the spring. Furthermore the IMF predicts growth will accelerate to 2.2% in 2010 with a healthy 6% expected in 2011, back to the mean growth of recent years.
Since the start of 2009 the finance ministry has maintained a more upbeat official forecast of 5.8% growth for 2009, which the central bank thinks too optimistic.
Long-serving Prime Minister Sali Berisha stated in an interview that his country was on the right course. Gross domestic product grew 6 percent in the first quarter of the year, and, unlike some of its neighbors, Albania has not needed a bailout.
“The effects of world financial crisis have influenced the Albanian economy, but there is no economic crisis here,” Mr. Berisha said.
Donika Mici chief executive of DoniAnna, the largest shoe manufacturing business in Albania, is also upbeat about the future for enterprise in this former communist enclave.
“Now, Albania is heading in the right direction to become a modern European country, and there is no turning back,” she said. Ms. Mici went on to say that Albania’s potential resides in a low-cost and hard-working work force making it attractive to manufacturers noting “We have low wages, and we do not skimp on quality.”
When in 1997 Francesco Becchetti arrived from Italy armed with enthusiasm for the potential of Albania’s abundant rivers to generate hydro-electricity he says. “People told me I was crazy.”
Now, at a time when Europe is seeking to offset its dependence on Russian energy, Becchetti Energy Group is positioned to invest heavily in gas and water projects and Mr Becchetti is very optimistic for the future.
“In the past people would laugh when I said I was investing in Albania. Now, no one is laughing.” he said.
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