The Economy of Albania Essay Sample

Albania’s economy has gone up and down through the years, with it being low at 1990-to being high at 2015. But if one personifies the country, will it pass the doctor tests?Albania is a developing country and its economy seems to be on a gliding path of growth. while it may appear that the pandemic may have slowed it down, in reality when you compare it to the sixties during the communist government to the free market economy in the early nineties, to today's 21’st century albania and in context of gdp growth,inflation rate stabilization, and the bid to join the EU(which may ultimately help fuel its economy). It is on a steady growth path.

Firstly,The unemployment rate in Albania is high because of the pandemic. During the pandemic people were losing a lot of jobs because companies were not able to pay their employees and were losing money. The pandemic shut down a lot of job opportunities and also shut down companies for the health and safety of their employes.plus the biggest and most popular job in Albania (which counted for a little more than half) was tourism. And the tourism industry has come to a standstill as the pandemic has shut down airports and travel. He created uncertainty among the Albanians. The unemployment rate in Albania as of 2021 is 11.90%.. this is unusually high. but with the pandemic slowing down in 2022, more people are getting jobs and there are many predictions that the unemployment rate will reduce. Secondly,The inflation in albania is average.In the world, the average amount of inflation is 2% and Albania is there.Albani has had a lot of rises and falls in inflation, but now it has a steady 2.3%. but in the future it has been predicted that Albania's inflation will increase about 0.98% till 2026.the inflation is steady and it will support the glide path of Albania’s economy.

Lastly, Most Albanians do service instead of goods.The top six services are communications,banking, and tourism-carrying most of the growth(60%).the manufacturing industry makes up for 20% of the gdp. The rest of it goes to agriculture which is smaller than a few family owned and operated businesses. The real GDP for Albania is 2.3%. The nominal GDP is 4.1%. and the per capita GDP is 5,990$.in GDP per capita the monthly income of the people will increase, in real GDP the production has gone up costing the glide to go faster.the nominal gdp in 2016 was $11.868 billion and now in 2020 it went up to 17.21 billion. this clearly shows that albania’s economy is rising up. Albania is a developing country and its economy seems to be on a gliding path of growth. Albania's economy is going through a massive restructure with the help of the world bank. the government had changed drastically but is still one a gliding path.in all albania will slowly reach the top and will surprise everyone.