{"id":11498,"date":"2022-02-11T20:20:44","date_gmt":"2022-02-11T19:20:44","guid":{"rendered":"https:\/\/altax.al\/?p=11498"},"modified":"2022-02-11T20:20:44","modified_gmt":"2022-02-11T19:20:44","slug":"albanias-future-growth-requires-stronger-more-sustainable-economic-model","status":"publish","type":"post","link":"https:\/\/altax.al\/en\/albanias-future-growth-requires-stronger-more-sustainable-economic-model\/","title":{"rendered":"Albania\u2019s Future Growth Requires Stronger, More Sustainable Economic Model"},"content":{"rendered":"

Albania\u2019s economic model requires greater investment in people\u2019s skills, firm productivity, sustainability, and public finances, says the new World Bank Country Economic Memorandum<\/a> (CEM) for Albania, released today.<\/p>\n

Albania has been severely impacted by the economic shocks which followed both the 2019 earthquake and the COVID-19 pandemic. Once the ongoing health crisis subsides, the country will need to refocus on its long-term economic objectives, which include building a strong and sustainable growth model to improve citizens\u2019 living standards, thereby helping incentivize people with skills and talent to remain in Albania.<\/p>\n

The report discusses four development priorities for a stronger economy in Albania:<\/p>\n

Investing in people and upskilling.<\/b>\u00a0To address the skills gap, Albania needs to shift its workforce from low- and medium-skilled jobs to high-skilled ones. This requires improving the learning process, reforming the university system, and better matching skills development to labor market needs.<\/p>\n

Increasing firm productivity and creating better job opportunities.<\/b>\u00a0GDP per person employed in Albania would increase by 40% if Albanian businesses had the same level of productivity as the average Western Balkan firm. For Albanian firms to be more productive, the business environment must be improved, innovation must be strengthened, and integration of Albanians into the global economy must be deepened.<\/p>\n

Building a more sustainable growth model.<\/b>\u00a0More than 70% of Albania’s waste is mismanaged, while earthquakes and floods cause damage costing $147 million each year, on average. Albania needs to build an economic model that is environmentally conscious, and more resistant to natural disasters.<\/p>\n

Strengthening public finances.<\/b>\u00a0Albania’s public debt is well above the average of the six Western Balkan countries. To ensure the sustainability of the country\u2019s finances, personal income tax rates should be fairer, VAT revenues increased, and fiscal policy credibility reinforced, particularly through a sustained political commitment to fiscal rules.<\/p>\n","protected":false},"excerpt":{"rendered":"

Albania\u2019s economic model requires greater investment in people\u2019s skills, firm productivity, sustainability, and public finances, says the new World Bank Country Economic Memorandum (CEM) for Albania, released today. 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