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Albania's economic growth projected to rise above 3 percent

Xinhua, July 13, 2016 Adjust font size:

Albania is experiencing a gradual economic upturn expected to continue in 2016-2018, a report of the European Commission said on Tuesday.

Driven by private investment, mainly direct foreign investment in the energy sector, Albania's GDP growth is projected to average well above 3 percent.

Consumption spending is also expected to pick up resulting from rising disposable income and improved employment, the Albanian Daily News quoted the report as saying.

The main challenges facing Albania are the debt burden and a lack of effective fiscal policies in the face of shocks.

Despite efforts to consolidate the budget since 2014, Albania's public debt invested in such sectors as electricity remains high at more than 70 percent of the GDP, due to significant local government arrears and exchange rate risks, the report said. Endi