World Bank cuts Albanias 2012 GDP forecast to 1%.

By bne IntelliNews October 8, 2012
The World Bank expects Albanias economy to grow by about 1% y/y in 2012, revising downwards its forecast from an earlier expected growth of 1.6% y/y, the banks country director for Western Balkans, Jane Armitage, said in a statement on the banks website. The downgrade reflects continued deterioration of the external environment, which is still a subject to heightened uncertainty for countrys growth prospects. Significant external shocks from Albanias main trading partners Greece and Italy would depress growth prospects further given the countrys large trade, labour market and banking system links with the two eurozone members. The IMF confirmed last week its estimate for a 0.5% y/y GDP growth in Albania this year but revised downward its projection for 2013 - to 1.3% y/y from an April estimate of 1.7%. Although, Albanias government has revised its GDP forecast for this year to 3%, it still seems too optimistic, when compared to the expectations of foreign institutions.

Related Articles

Albania calls tender for supervision of sewerage project.

Albania has called a tender to select a company to supervise the construction and supplies for a sewerage system and waste water treatment plant in Velipoja area, the European Commission informed ... more

Albania's govt approves changes in concession agreement for Devoll project.

The Albanian government has approved changes in the concessionary agreement for the Devoll Hydropower cascade, which formally enables Austrian EVN to exit from the project, the cabinets press ... more

Albanian parliament panel endorses EUR 12.7mn EBRD loan for dam safety project.

The economy and finance committee of Albanias Parliament has approved a EUR 12.7mn loan from the European Bank for Reconstruction and Development (EBRD) to be used to fund a project for upgrading ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss