All News on Economics in Albania

Albania Raises Interest Rates as Inflation Threatens Growth

Albanian Central Bank governor Gent Sejko at a press conference in Tirana on July 6, 2022. Photo: LSA

Bank governor Gent Sejko warned the country that a current inflation rate of 6.7 per cent might not have peaked, adding that while the country is expected to avoid a recession, growth will likely fall.

Bulgaria Ranks 57th in Legatum's Prosperity Index

In ten years, Bulgaria has climbed three positions in the Prosperity Index of the London-based Legatum Institute, but bad scores in the management, health care and personal freedom sub-indices leave the country at the bottom of the ranking among EU member-states.

Albania Lures Investors With Free Land Leases

Albania is going to lease state land and properties with tourism potential to investors for the symbolic price of only one euro.

The decision taken on Wednesday does not target everyone. "Strategic investors" must be able to stump up at least 50 million euros for a touristic project.

Turkey cheaper than Europe but cars, booze, tobacco remain expensive

Turkey is more expensive than a few European countries but it remains cheaper than a majority of the continent, according to a new comparative purchasing power parity index released June 19 by the Turkish Statistics Institute (TÜ?K).

However, car prices stood above European levels, as did the prices of alcoholic beverages, tobacco and consumer electronics.

OTE vies for control of Albtelecom

By Vangelis Mandravelis

OTE telecom is said to be in talks regarding the acquisition of Albanian telecommunications firm Albtelecom, having had a presence in the neighboring country since 2000 through the AMC cell phone company.

World Bank issues report on growth prospects in SEE

BELGRADE - Positive economic growth is expected this year throughout the region, with the exception of Serbia, whose gross domestic product is projected to drop by 0.5%, according to the World Bank's latest South East Europe Regular Economic Report.

Foreign Investors Shy Away From Macedonia

In the first eight months of 2014, Macedonia attracted €176 million in FDI, which was 11 €million less than the same period last year, data from the Central Bank show.

Macedonia attracted only €251 million in FDI in 2013, which was the worst score in the region, below Kosovo, which attracted slightly more - €259 million.

Albania Raises Taxes on Cigarettes

"We want to protect the health of citizens who are exposed to smoking and also reduce the rate of smoking," the Minister of Health, Mentor Beqaj, said, explaining the latest tax hike, which has yet to be approved by parliament.

Albania Offers Unfinished Highways to Private Sector

Albania's Minister for the Economy, Arben Ahmetaj, told a parliamentary commission on Tuesday that the country could no longer afford to pay for new motorways on its own and would turn to the private sector for investment.

"Because of the financial situation that we have inherited we have found it impossible to provide this service,” he told parliament on Tuesday.

World Bank Approves $100m Loan for Albania

The World Bank has approved a loan designed to support Albania’s efforts to reduce the impact of the global financial crisis on the local financial sector.

Few Albanian Business Report Corruption, Report Says

“Over one third (36.2 per cent) of business representatives did not report bribery because they consider there is no need to report bribery, as it is common practice to pay or give gifts to public officials,” UNODC said in a statement.

Standard and Poor’s Upgrades Albania’s Debt Rating

“We revised the outlook to stable because we think that the recently concluded International Monetary Fund programme will serve as a policy anchor for fiscal consolidation and support the sustainability of Albania's high government debt,” Standard and Poor’s said in a statement.

IMF Urges Albania to Raise Taxes and Pension Age

In a report issued on Wednesday, following discussing between the Albanian government and the Fund from October to December, the IMF said Albania’s economy had weakened and macro-economic imbalances had widened.

Global Economic Crisis Made Albanians Poorer

Credit Suisse considers Albania a lower middle income country in 2013, with a per capita wealth per adult estimated $9,450 (€6,796).

According to the Swiss bank's research arm, in mid-2013 every adult Albanian per capita had $1,780 (€1,280) in financial wealth $8,390 (€6,034) in non-financial wealth and $647 (€465) of debt.