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More to economy and less to political egoism

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The analyzes of this study summary are oriented towards the presentation of the influencing factors of 2023 and beyond, as well as a clarification of some of the factors that have dominated the Albanian economy and market.

Their presentation in the group aims to provide the economic and fiscal panorama for the reader who is not an economist or financier and who wants to know the facts and their clarification in order to achieve the most impartial and valid information in order to really know what is happening with the economy and finances of the state and the Albanians.

In our experts’ view looking ahead to 2024, we judge that economic conditions are expected to deteriorate modestly, although real GDP growth and the pace of earnings of sectors that performed well during 2023 are expected to remain positive and inflation overall is expected to fall to around 3%.

This material has been processed from online legal data and publications, from the processing of our experts, as well as from data and publications processed by ALTAX staff at different times. The data used and the legal references set are obtained in each case from official sources.

This online presentation is for non-profit purposes.

The content expressed in this publication, as well as the words and terms do not necessarily reflect the ALTAX CENTER in the role of the author of the study analysis, as well as specifically and all its partners that are summarized under this brand of intellectual property.

However, the prices of some products and services will increase, even from the inflated levels of costs within the country, but the rate will be closer to the levels consistent with two years ago.

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Description

As the year 2023 came to a close, the Albanian economy is doing better than expected from last year’s forecasts. But it can be said that this pace does not match the expectations of small and medium businesses and citizens. The construction sector together with a part of services related to the tourism industry avoided a lower development.

Meanwhile, some sectors that produce products for export are growing at an unsustainable rate and uncertainty of high levels for 2024.

Unemployment has been low, but more importantly youth unemployment is high at over double the average unemployment rate. Inflation is falling although it shows a stubbornness and resistance that is helped by high informality and other influences coming from informal money circulating at record levels in 2023.

In general, the Albanian economy exceeded the forecasts of domestic and foreign economists for 2023. For 2024, it seems that economists are showing a cautious approach to the forecasts of economic growth declared by the government at the level below 4%.

Optimistic forecasts ask you to believe that there will be no slowdown in growth, perhaps only a mild development in an economy characterized by lower interest rates and lower inflation.

Forecasts with a more realistic or pessimistic tendency claim from the analyzes made that the economy should be stronger than expected and that interest rate reductions should come faster and be more harmonized with the fiscal policy and stimulus measures for the economy manufacturing.

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