A recent positive performance of the global economy is expected to continue during the period 2017- 2018, supported by continued gradual economic growth in developed countries and the strengthening positive contribution from emerging economies.
Bank of Albania, in its latest report, states that the positive effects of accommodating monetary policy on consumption and private investment in Eurozone will continue to support economic growth, the impact of which will be reflected in the Albanian economy.
However, recent political developments in developed countries and the likelihood that such developments bring about changes to economic policies are currently seen as the main factor that could influence the outlook for the global economy.
“A further improvement of the world economy, including the Eurozone and the Balkan region, will be accompanied by increasing positive contribution of the external sector to the Albanian economy.
Such contribution has emerged stronger in terms of the balance of payments in the fourth quarter of 2016, when a surplus balance in the services account and a better performance of exports have led to further declining of current account deficit,” Central Bank said.
According to Central Bank, the country’s growth accelerated to around 4 percent in the fourth quarter of 2016, mainly pushed up by the services and manufacturing sectors. Unemployment rate also fell to 14.2%, the Bank’s report notes.Source: ATA