Albanian economy is projected to grow by real 2.1% y/y in 2014, speeding up from 1.3% estimated for 2013, the World Bank said in the January edition of its Global Economic Prospects report, revising up an earlier projection for a 2% y/y rise. The country’s economic output is expected to accelerate further to 3% y/y in both 2015 and 2016, the bank said.
Albania's current account deficit will gradually narrow from 8.2% of GDP in 2013 to 7.1% this year and to 6.3% of GDP in 2015.
In regional comparison, Albania’s economy will grow faster than Bosnia and Herzegovina (2%) and Serbia (1%) but will lag behind Kosovo (4%), Macedonia (3%) and Montenegro (2.5%).
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. The EBRD also improved its expectations for Albania's economic growth prospects and said in November it sees the GDP growth at 2%, up from 1.9% projected earlier.
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