ECONOMICS - History

ECONOMICS - History


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Albania

Albania, is a developing country with a modern open-market economy. Albania managed to weather the first waves of the global financial crisis but, the negative effects of the crisis caused a significant economic slowdown. Since 2014, Albania’s economy has steadily improved and economic growth reached 3.8% in 2017. However, close trade, remittance, and banking sector ties with Greece and Italy make Albania vulnerable to spillover effects of possible debt crises and weak growth in the euro zone.
Remittances, a significant catalyst for economic growth, declined from 12-15% of GDP before the 2008 financial crisis to 5.8% of GDP in 2015, mostly from Albanians residing in Greece and Italy. The agricultural sector, which accounts for more than 40% of employment but less than one quarter of GDP, is limited primarily to small family operations and subsistence farming, because of a lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Complex tax codes and licensing requirements, a weak judicial system, endemic corruption, poor enforcement of contracts and property issues, and antiquated infrastructure contribute to Albania's poor business environment making attracting foreign investment difficult. Since 2015, Albania has launched an ambitious program to increase tax compliance and bring more businesses into the formal economy. In July 2016, Albania passed constitutional amendments reforming the judicial system in order to strengthen the rule of law and to reduce deeply entrenched corruption.
Albania’s electricity supply is uneven despite upgraded transmission capacities with neighboring countries. However, the government has recently taken steps to stem non-technical losses and has begun to upgrade the distribution grid. Better enforcement of electricity contracts has improved the financial viability of the sector, decreasing its reliance on budget support. Also, with help from international donors, the government is taking steps to improve the poor road and rail networks, a long standing barrier to sustained economic growth.
Inward FDI has increased significantly in recent years as the government has embarked on an ambitious program to improve the business climate through fiscal and legislative reforms. The government is focused on the simplification of licensing requirements and tax codes, and it entered into a new arrangement with the IMF for additional financial and technical support. Albania’s three-year IMF program, an extended fund facility arrangement, was successfully concluded in February 2017. The Albanian Government has strengthened tax collection amid moderate public wage and pension increases in an effort to reduce its budget deficit. The country continues to face high public debt, exceeding its former statutory limit of 60% of GDP in 2013 and reaching 72% in 2016.

1990200020101016
GDP (current US$) (billions)2.13.6311.9311.88
GDP growth (annual %)-9.66.73.73.4
Inflation, GDP deflator (annual %)-0.544.5-0.5
Agriculture, forestry, and fishing, value added (% of GDP)36231820
Industry (including construction), value added (% of GDP)48152521
Exports of goods and services (% of GDP)15182829
Imports of goods and services (% of GDP)23384946
Gross capital formation (% of GDP)29323025
Revenue, excluding grants (% of GDP)..23.523.924.2
Net lending (+) / net borrowing (-) (% of GDP)..-6.7-3.9-2.5
States and markets
Time required to start a business (days)..4165
Domestic credit provided by financial sector (% of GDP)..4967.566.2
Tax revenue (% of GDP)..16.21817.6
Military expenditure (% of GDP)5.91.21.61.1
Mobile cellular subscriptions (per 100 people)0191.6115.2
Individuals using the Internet (% of population)00.14566.4
High-technology exports (% of manufactured exports)..111
Statistical Capacity score (Overall average)....7082
Global links
Merchandise trade (% of GDP)29375056
Net barter terms of trade index (2000 = 100)..1009493
External debt stocks, total (DOD, current US$) (millions)01,1225,3728,437
Total debt service (% of exports of goods, services and primary income)4.34.510.215.2
Net migration (thousands)-443-177-93..
Personal remittances, received (current US$) (millions)1525981,5871,306
Foreign direct investment, net inflows (BoP, current US$) (millions)201431,0901,044
Net official development assistance received (current US$) (millions)11.1317.9365.1168.5

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