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Albania's economic growth estimated at 3.2 pct in 2016, growth to continue: WB forecast

Xinhua, November 23, 2016 Adjust font size:

Albanian economic growth is projected to reach 3.2 percent by the end of 2016 while the growth is expected to expand in the next three years, the World Bank said in its report on Albania released Tuesday.

According to the World Bank experts, Albanian economic growth is expected to be driven by private investment and a recovery in consumption which they said will be reflected in broad-based job creation and slight decline in poverty.

Albanian economy continued to expand in 2016, supported by robust private investment and recovering household consumption. Growth rate accelerated to 3 percent in the first quarter of 2016, and is projected to reach 3.2 percent for the full year, WB report said.

It further said that the fiscal results remained on track in 2016, leading to a decline of the public debt to GDP ratio for the first time since the global crisis.

On the other hand, the World Bank expects the budget deficit to reach 2.5 percent of GDP in 2016, down from 4.8 percent in 2014, helped by strong revenue performance, current spending restraint and lower capital spending.

The public debt to GDP ratio is expected to decline to 72.5 percent of GDP in 2016 from 72.7 percent in 2015, in line with the recently approved a new organic budget law that mandates an annual decline in public debt until it reaches 45 percent of GDP, the report cited.

The experts also said that progress on the structural reforms, stronger economic activity and job creation are expected to continue lifting living standards and gradually reducing poverty in Albania. Endit