All News on Economics in Albania
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.
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.
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.
"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'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.
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.
“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.
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.
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.