Albania's economy is projected to grow by 2.1% in 2014, speeding up from the estimated 0.4% for 2013, the World Bank said in its South East Europe regular economic report, confirming its previous projection made in January.
The annual growth rate is forecast to speed up to 3.3% y/y in 2015. The bank noted that the planned clearance of payment arrears (2.5% of GDP) by the government is expected to inject liquidity into the private sector and help accelerate growth. On the other hand, this will exert pressure on the country’s fiscal position
In regional comparison, Albania will be the region’s fourth fastest growing economy in 2014 after Kosovo, which is seen to expand by 3.5%, Montenegro (3.2%) and Macedonia (3%).
The Albanian government also sees this year's GDP growth at 2.1%. This projection is in line with the latest forecast of the IMF as well. The EBRD projected earlier this month a 1.7% rise for 2014.
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