Albania's economic growth to speed up to 3.4% in 2024

The World Bank sees Albania's gross domestic product (GDP) rising by 2.2% in 2023, it said, maintaining its projection made in January.

Albania's economic growth is projected to speed up to 3.4% in 2024 and remain on the same level in 2025, the global lender said in its spring 2023 World Bank Europe and Central Asia Economic Update report published on Thursday.

"Growth is expected to remain subdued in 2023, in the context of tighter global financial conditions, expected economic slowdown in Europe, and the withdrawal of policy support for the post-earthquake reconstruction," the World Bank said.

Albania's inflation rate is expected to slow to 4% in 2023 from 6.7% last year, before it returns to the 3% target by 2025.

Potential shocks such as further increases in food and energy prices, recession in Europe or further tightening of financing conditions in international capital markets can pose a risk to Albania's economic growth, the report reads.