World Bank2014-10-162014-10-162014-05https://hdl.handle.net/10986/20442Albania's rapid growth in the decade up to the 2008 global financial crisis propelled it to middle-income status and helped to reduce poverty. The global financial crisis in 2008 slammed the brakes on Albania's largely domestic-demand-driven growth. The government has accumulated sizable arrears in payments for public works and value-added tax (VAT) refunds. In a baseline scenario of no policy reforms, Albania's public debt-to-gross domestic product (GDP) ratio is projected to reach 73.5 percent in 2015 and stay above 72 percent over the medium term. Empirical evidence confirms that high public debt depresses economic activity and significantly increases the probability of default. This report examines closely the opportunities for fiscal consolidation on both the revenue and expenditure sides. Combined effect of structural reforms will reduce Albania's public debt to GDP ratio significantly over the medium term. It can in parallel rebalance its capital spending, particularly in transport, toward maintenance to support growth. Albania needs to strengthen its institutions to reinforce financial discipline and strengthen fiscal policy. Institutional reforms are particularly needed with regard to public financial management (PFM) and introducing a fiscal rule to anchor policy over the medium term.en-USCC BY 3.0 IGOACADEMIC PROGRAMSACCESS TO EDUCATIONACCOUNTINGACCREDITATIONAGEDAVERAGE SCOREBASIC COMPETENCIESBASIC EDUCATIONBASIC EDUCATION FOR CHILDRENCAREERCAREER DEVELOPMENTCIVIL SERVICECLASS SIZECLASS SIZESCLASSROOMCLASSROOMSCOMMUNICABLE DISEASESCOMPULSORY BASIC EDUCATIONCOMPULSORY EDUCATIONCORPORATE INCOME TAXCROWDED CLASSROOMSCURRICULACURRICULUMCURRICULUM REFORMDECISION MAKINGDEGREE PROGRAMSDISABILITIESDROPOUT RATESEDUCATION BUDGETEDUCATION DEPARTMENTSEDUCATION FACILITIESEDUCATION MANAGEMENTEDUCATION OFFICESEDUCATION POLICIESEDUCATION POLICYEDUCATION REFORMSEDUCATION SECTOREDUCATION STATISTICSEDUCATION SYSTEMEDUCATIONAL OUTCOMESEDUCATIONAL POLICIESELECTRICITYENROLLMENT DATAENROLLMENT RATEENROLLMENT RATESENROLLMENT RATIOENROLLMENT STATISTICSENTRANCE EXAMEQUITY IN EDUCATIONEXAMEXPENDITURESEXTRACURRICULAR ACTIVITIESFAMILIESFINANCIAL MANAGEMENTFOREIGN LANGUAGESFUNCTIONAL READINGGENDER PARITYGERGIRLSGOVERNMENT SPENDINGGROSS DOMESTIC PRODUCTGROSS ENROLLMENTGROSS ENROLLMENT RATEGROSS ENROLLMENT RATESGROSS ENROLLMENT RATIOHEALTH OUTCOMESHEALTH SERVICESHEALTH SPENDINGHIGH BLOOD PRESSUREHIGHER EDUCATIONHIGHER EDUCATION ENROLLMENTHIGHER ENROLLMENTHIGHER GRADESHOSPITALSHUMAN CAPITALHUMAN DEVELOPMENTHUMAN RESOURCE MANAGEMENTHUMAN RESOURCE PLANNINGHUMAN RESOURCESHYPERTENSIONILLITERACYINFLATIONINFORMATION SYSTEMSINFORMATION TECHNOLOGYINSTITUTIONS OF HIGHER EDUCATIONINSURANCEINVESTMENT IN EDUCATIONJOB SECURITYLABOR FORCELEADERSHIPLEARNINGLEARNING OUTCOMESLEVEL OF EDUCATIONLEVELS OF EDUCATIONLIFE EXPECTANCYLIFE EXPECTANCY AT BIRTHLITERACYLITERACY THRESHOLDLOCAL GOVERNMENTSMEDICINESMINISTRIES OF FINANCEMINISTRY OF EDUCATIONMORBIDITYMORTALITYMULTIGRADE CLASSESMUNICIPALITIESNATIONAL BUDGETNATIONAL EXAMINATIONSNERNET ENROLLMENTNET ENROLLMENT RATENET ENROLLMENT RATIONUMBER OF PUPILSNUMBER OF STUDENTSNUMBER OF TEACHERSOUTPATIENT CAREPATIENTPERFORMANCE INDICATORSPHYSICIANSPREPRIMARY EDUCATIONPRIMARY ENROLLMENTPRIMARY HEALTH CAREPRIMARY HEALTHCAREPRIMARY LOWER SECONDARYPRIVATE COLLEGESPRIVATE EDUCATIONPRIVATE HIGHER EDUCATIONPRIVATE INSTITUTIONSPRIVATE SCHOOLPRIVATE SCHOOL STUDENTSPRIVATE SCHOOLSPRIVATE SECTORPRIVATE UNIVERSITIESPROFESSIONAL QUALIFICATIONSPROVISIONSPUBLICPUBLIC DEBTPUBLIC FINANCEPUBLIC HEALTHPUBLIC INSTITUTIONSPUBLIC INVESTMENTPUBLIC INVESTMENTSPUBLIC SCHOOLSPUBLIC SECTORPUBLIC SECTOR EMPLOYMENTPUBLIC SERVANTSPUBLIC SERVICEPUBLIC SPENDINGQUALITY ASSURANCEQUALITY HIGHER EDUCATIONQUALITY OF EDUCATIONQUALITY OF HIGHER EDUCATIONQUALITY STANDARDSREADINGREGIONAL EDUCATIONREGIONAL UNIVERSITIESRESOURCE ALLOCATIONROADSRURAL AREASSALARY INCREASESSAVINGSSCHOOL BOARDSSCHOOL ENROLLMENTSCHOOL OPERATIONSSCHOOL YEARSCHOOL-AGESCHOOL-AGE POPULATIONSCHOOLINGSECONDARY EDUCATIONSECONDARY SCHOOLSSEVERE DISABILITYSKILLED LABORSKILLS REQUIREMENTSSMOKINGSOCIAL SERVICESSOCIAL WELFARESPORTSSTATE OWNED ENTERPRISESSTUDENT ASSESSMENTSTUDENT ASSESSMENTSSTUDENT CHARACTERISTICSSTUDENT DATASTUDENT OUTCOMESSTUDENT PERFORMANCESTUDENT POPULATIONSTUDENT-TEACHER RATIOSTAXATIONTEACHERTEACHER CERTIFICATIONTEACHER QUALIFICATIONTEACHER SALARIESTEACHER TRAININGTEACHERSTEACHINGTEACHING MATERIALSTERTIARY EDUCATIONTEXTBOOKTRAINING COURSESTRANSPARENCYUNEMPLOYMENTUNEMPLOYMENT RATEUNIVERSAL COVERAGEUNIVERSITY EDUCATIONUNIVERSITY ENTRANCEUNIVERSITY ENTRANCE EXAMINATIONSUNIVERSITY STUDENTSUNIVERSITY TEACHERSUTILITIESVOCATIONAL EDUCATIONVULNERABLE CHILDRENWORKERS10.1596/20442