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World Bank hails operation against informal economy in Albania

Xinhua, September 29, 2015 Adjust font size:

The World Bank (WB) welcomes the recent operation against the informal economy in Albania, describing it a necessary move to reduce fiscal evasion, an official said Monday.

Policies for fiscal consolidation and increase of employment will encourage sustained economic growth in Albania, Tahseen Sayed, the country manager of World Bank office in Tirana, said at a launching ceremony of the "Economic Report on South-Eastern Europe."

Every reform is aimed at reducing informality in economy with an impact on economic growth, Sayed said.

"As to the poor stratum of society, it needs to be supported by the government. The role of social assistance is very important for it is closely linked with the reform's impact. Each government has to do this in order to enable social assistance," Sayed said.

On Sept. 1, the Albanian government launched an operation against economic informality across the country. Finance Minister Shkelqim Cani said the level of informality reaches almost 50 percent, with one third of businesses operating in Albania having no cash registers.

The Albanian economy increased by 2.8 percent in the first quarter of 2015 and will maintain this positive trend of growth until the end of this year, in contrast with the Balkans and other European countries, Sayed said. Endi