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Justice reform to boost Albania's economy: IMF

Xinhua, May 9, 2016 Adjust font size:

The International Monetary Fund (IMF) said Monday that a domestic justice reform will help speed up Albania's economic growth.

The improvement of the judiciary system and the increased security for properties would accelerate the gross domestic product (GDP) growth, the IMF was quoted by the Albanian Daily News as saying.

IMF experts did not provide any details on how they have come up with these conclusions.

But they said other structural reforms -- such as the facilitation of business procedures and the removal of limitations on foreign investments -- would have a smaller impact on the country's economic growth compared to interventions in the judiciary and property security sectors.

Lower productivity is the main reason why economic growth in Albania has shrunk at a dramatic pace. Foreign investment associations have said the lack of credibility for courts is one of the main obstacles for foreign investment.

The IMF said the world economic environment has become more difficult since 2008, making economic progress contingent on the success of structural reforms. Among these justice reforms seem to be the most important, not only for Albania, but for all countries in the region. Endi