Publication: Creating Markets in Albania: Taking Advantage of New Trade and Investment Opportunities for a More Robust Private Sector - Country Private Sector Diagnostic
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Date
2022-06
ISSN
Published
2022-06
Author(s)
International Finance Corporation
Abstract
Despite a challenging transition
period and a string of adverse shocks, in recent decades
Albania has made major strides in raising per capita income
and integrating into the world economy. A dynamic private
sector has become the engine of Albania’s economic
development, and its increasing role continues to offer
opportunities for expanding the country’s economic base and
promoting faster and more diversified export-oriented
growth. Albania is endowed with considerable economic
assets, including a strategic geographical position,
exceptional natural beauty, and abundant renewable and
nonrenewable resources. A politically stable environment,
improving governance indicators, and a record of dependable
macroeconomic policies have supported the process of
European Union (EU) accession, which offers a wide array of
opportunities for the development of the Albanian private
sector. Because a small domestic labor pool and consumer
market limit the potential for economies of scale,
sustaining Albania’s economic expansion will require
intensifying its integration with the global economy.
Despite decades of progress, Albania continues to face
serious structural and policy challenges. The country’s
economic expansion has not been matched by commensurate
improvements in productivity. In this context, the World
Bank Group has prepared the following country private sector
diagnostic (CPSD) to assist the authorities in their efforts
to leverage Albania’s geographic location, natural assets,
and improved institutional and policy framework to promote
diversification, competitiveness, and robust
private-sector-led growth. The analysis highlights the
importance of improving the business environment while
stepping up investments in technology and innovation. The
report explores three critical sectors for accelerating and
diversifying growth: agribusiness and food processing,
tourism, and automotive manufacturing.
Citation
“International Finance Corporation. 2022. Creating Markets in Albania: Taking Advantage of New Trade and Investment Opportunities for a More Robust Private Sector - Country Private Sector Diagnostic. Country Private Sector Diagnostic;. © World Bank, Washington, DC. http://hdl.handle.net/10986/37868 License: CC BY 3.0 IGO.”