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.
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