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IMF: Albania's economy will grow by 3.3 percent, but remains the slowest in the region

2024-10-23 12:24:50Biznes SHKRUAR NGA REDAKSIA VOX

IMF: Albania's economy will grow by 3.3 percent, but remains the slowest in

The International Monetary Fund, IMF, like the World Bank, predicts that until the end of 2024, Albania's economy will grow by 3.3%. The October forecast is higher than that of April when the IMF expected growth of 3.1%.

For 2025, the IMF's expectation remains unchanged at 3.4%.

Although the IMF's expectations for Albania have increased, it is predicted to have performed lower than Serbia, Kosovo and Montenegro. 

Serbia is expected to have the highest growth, with 3.9%, followed by Kosovo with 3.8% and Montenegro with 3.7%. Albania leaves behind Bosnia and Herzegovina and North Macedonia, with 2.5 and 2% respectively.

For 2025, the country is expected to have the second lowest growth in the region (3.4%), leaving behind only Bosnia, with 3%. The record is expected to be held again by the Serbian economy, which is expected to accelerate to 4.1%.

The IMF estimates in the report that the global battle against inflation has been largely won, although pressures on prices continue in some countries. After peaking at 9.4% on an annual basis in the third quarter of 2022, the IMF total rates increase forecast for Albania, but the economy remains among the slowest in the region.

Moreover, despite a high and synchronized level of monetary policy tightening around the world, the global economy has remained remarkably resilient throughout the disinflationary process, avoiding a global recession. Global growth is projected to remain steady at 3.2% in 2024 and 2025, although some countries, particularly low-income developing countries, have seen significant revisions to the slowdown in growth, often as a result of increased conflict.


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