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Unemployment in 2021 collapses economic growth propaganda

2022-04-04 19:01:06Biznes SHKRUAR NGA REDAKSIA VOX

Unemployment in 2021 collapses economic growth propaganda

For years there has been open debate among international economists and experts whether an estimate of a country's Gross Domestic Product is the right indicator of well-being and the debate is increasingly hardened by paradoxical data reflecting developing economies.

One of them is Albania. According to INSTAT data, GDP increased across 2021 by 8.5 percent compared to 2020. Economic growth in these sizes should theoretically translate into increased well-being and quality employment. But what practically happened?

Although Albania reported economic growth of 8.5 percent, among the highest in the region, unemployment decreased to minimum figures, among the lowest but compared to the region. According to INSTAT data, unemployment in Albania throughout 2021 fell from 11.9 percent to 11.4 percent.

As a comparison, Greece, which reported economic growth of 8.3 percent for 2021, recorded an unemployment cut six times higher than Albania. According to Greek authorities, unemployment from the first quarter of 2021 in the fourth quarter fell from 16.4 percent to 13 percent.

This shows that the Albanian economy, oriented towards consumption and with a strong import dependence, is concentrated in a few hands, while another factor may be the interpretation of figures according to political purposes on the part of the Government, as in real terms economic growth does not capture even 5 percent, if it is considered that due to the pandemic the economy shrank by 4 percent in 2020 according to the World Bank.

This second is reinforced if the economic-unemployment growth ratio between Albania and North Macedonia is compared. Thus, North Macedonia reported economic growth of only 4 percent in 2021, while unemployment fell to the same levels as Albania, falling from 15.7 percent to 15.2 percent.

The figures suggest that economic growth protected so diligently recently by deputy prime minister Arben Ahmetaj and whom He spoke of this Monday by Berat and Edi Rama is illusory. In numbers it may be real, but in practice, as long as employment, which is the main indicator of economic growth, does not accompany it with growth means that the economy has structural problems and is concentrated in a few hands.

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