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Voxpress:

Sejko: The aging of the population and the reduction of the labor force, inhibiting factors for economic development

2024-02-16 13:10:21Biznes SHKRUAR NGA REDAKSIA VOX

Sejko: The aging of the population and the reduction of the labor force,

Low productivity growth, the effects of population aging and labor force constraints are becoming increasingly important factors in economic development.

The governor of the Bank of Albania, Gent Sejko, said today during the meeting of the Constituency of the International Monetary Fund and the World Bank, that these challenges require the institutions to ensure economic and financial stability, to create a more efficient, innovative and comprehensive economy, as well as to invest in the green and digital revolution.

"Structural policies should be increasingly oriented towards promoting sustainable growth. In the world and European context, in the face of a complex geopolitical reality, we must work to maintain - as far as possible - economic integration and free markets of products, labor and capital, as a process that has brought progress visible to all actors involved. In parallel with them, internal structural reforms should focus on supporting innovation, on continuous training and retraining of the workforce, as well as on stimulating the green transition and the technological revolution. Meanwhile, developing countries like Albania should focus on closing infrastructure investment gaps and creating a more stimulating environment for promoting domestic and foreign investments," said Sejko.

According to him, the central banks should continue to focus on taking the necessary measures to return inflation to the target, as a prerequisite for the sustainable growth of economies and the well-being of citizens. Also, he underlined the importance of rebuilding the fiscal spaces in time, to be as prepared as possible for facing future shocks.

"Financial policies must continue to have a double focus: on the one hand, encouraging financial progress in function of increased efficiency and, on the other hand, early handling of risks to financial stability, through a prudent supervision regulation, "said the Governor.

A surprise of 2023 was the increase in the interest of foreigners in our country. Albania welcomed around 10 million visitors, climbing to the third place in the world for the fastest growing tourism and registering – for the first time in its history – a current account surplus. Also, the year 2023 is well on its way to being the year with the highest level of foreign direct investments, proving once again the attractiveness of Albania as an investment destination," said Sejko.

The meeting of the Constituency of the International Monetary Fund and the World Bank Group took place on Friday in Albania for the first time. The Republic of Albania is a member of the International Monetary Fund in the same constituency as Italy, Greece, Portugal, Malta and San Marino, while in the World Bank Group it is in the same constituency as Italy, Greece, Portugal, Malta, San Marino and East Timor.


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