With Britain falling from fifth to seventh place, both France and India are likely to overtake the United Kingdom in the rankings of the world’s largest economies in 2019, that according to the CEOWORLD magazine. The latest projected “” is based on the size of national economies in US dollar terms.The United States remains the world’s largest economy, but China is expected to take first place by 2032. The magazine expects India to rise to fifth place in 2019 from seventh, and France to remain at sixth.Although the global economy as a whole is expected to slow, the magazine forecasts GDP growth of 1.6 percent for the United Kingdom in 2019, compared with 1.7 percent in France, 2.3 percent in the United States, and 7.6 percent for India.
Main data source:All values, unless otherwise stated, are in.The economy of went through a process of transition from a to a market-based economy on the principles of the. Albania is an upper-middle-income country and a member of the (NATO), (WTO), (OSCE) and (BSEC).Albania is an upper-middle-income country with an economy based on the service (54.1%), agriculture (21.7%), and industrial (24.2%) sectors.
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The country is rich in natural resources, and the economy is mainly bolstered by, food processing, lumber, oil, cement, chemicals, mining, basic metals, textile industry, and petroleum extraction. The strongest sectors are, mining, metallurgy, agriculture and tourism. Primary industrial exports are clothing, chrome, oil and refined fuels.Tourism has been a notable source of national income, particularly during the summer months, but also more recently during the winter months, due to an increase in popularity of snow sports such as skiing. With over 3.8 million tourists annually, tourism generates revenue in excess of €1.5 billion. Albania is ranked among the top 25 most popular tourist destinations in Europe, and was voted one of the world's top tourism destination in 2014. Contents.History Following the in 1990, Albania experienced a mass exodus of to.
The country attempted to transition to, which eventually succeeded. Attempts at reform began in earnest in early 1992 after real of more than 50% from its peak in 1989. The country currently suffers from high organized crime and high corruption rates.The democratically elected government that assumed office in April 1992 launched an ambitious economic reform program to halt economic deterioration and put the country on the path toward a market economy. Key elements included price and exchange system, fiscal consolidation, monetary restraint, and a firm income policy.
These were complemented by a comprehensive package of structural reforms including privatization, enterprise, and financial sector reform, and creation of the legal framework for a market economy and private sector activity. Most agriculture, state housing, and small industry were privatized. This trend continued with the privatization of transport, services, and small and medium-sized enterprises.In 1995, the government began privatizing large state enterprises. After reaching a low point in the early 1990s, the economy slowly expanded again, reaching its 1989 level by the end of the decade. Macroeconomics trends This is a chart of (GDP) of Albania in US dollars based on (PPP) from estimates by the.
Year2011,1012,8013,7025,997500,580For purchasing power parity comparisons, the US dollar is exchanged at 49 leks (2007 estimate). Mean wages were $300.83 per month in 2009.Albania is a low income country by Western European standards, with GDP per capita lower than all countries in the EU. According to, Albania's GDP per capita (expressed in PPS – ) stood at 35 percent of the EU average in 2008.
The current unemployment rate is 12.4%.Results of Albania's efforts were initially encouraging. Led by the agricultural sector, real grew by an estimated 111% in 1993, 89% in 1994, and more than 119% in 1995, with most of this growth in the private sector. Annual inflation dropped from 25% in 1991 to zero.
The Albanian currency, the, stabilized. Albania became less dependent on food aid. The speed and vigour of private entrepreneurial response to Albania's opening and liberalizing was better than expected. Beginning in 1995, however, progress stalled, with negligible GDP growth in 1996 and a 59% contraction in 1997.
A weakening of government resolve to maintain stabilization policies in the election year of 1996 contributed to renewal of inflationary pressures, spurred by the which exceeded 0.12%. Approached 0.20% in 1996 and 0.50% in 1997. The collapse of financial in early 1997 – which had attracted deposits from a substantial portion of Albania's population – triggered severe social unrest which led to more than 1,500 deaths, widespread destruction of property, and an 0.08% drop in GDP. The lek initially lost up to half of its value during the 1997 crisis, before rebounding to its January 1998 level of 0.00143 to the dollar. The new government, installed in July 1997, has taken strong measures to restore public order and to revive economic activity and trade.Albania is currently undergoing an intensive restructuring regime with the and the. The need for reform is profound, encompassing all sectors of the economy. In 2000, the oldest commercial bank, was privatized.
In 2004, the largest commercial bank in Albania—then the Savings Bank of Albania—was privatised and sold to of for US$124 million. Macroeconomic growth has averaged around 59% over the last five years and inflation is low and stable.
The government has taken measures to curb violent crime, and recently adopted a fiscal reform package aimed at reducing the large gray economy and attracting foreign investment. Albania Export TreemapThe economy is bolstered by representing about 15% of GDP, mostly from Albanians residing their weekends in Greece and Italy; this helps offset the towering trade deficit. The agricultural sector, which accounts for over half of employment but only about one-fifth of GDP, is limited primarily to small family operations and subsistence farming because of lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Energy shortages because of a reliance on hydropower, and antiquated and inadequate infrastructure contribute to Albania's poor business environment and lack of success in attracting new foreign investment. The completion of a new thermal power plant near Vlore has helped diversify generation capacity, and plans to improve transmission lines between Albania and Montenegro and Kosovo would help relieve the energy shortages. Also, with help from EU funds, the government is taking steps to improve the poor national road and rail network, a long-standing barrier to sustained economic growth.Reforms have been taken especially since 2005.
In 2009, Albania was the only country in Europe, together with Poland, San Marino and Liechtenstein, to have economic growth; Albanian GDP real growth was 3.7%. Year after year, the tourism sector has gained a growing share in the country's GDP.
Data published as of July 2012 by the National Institute of Statistics, INSTAT, show the economy contracted by 0.0002 per cent in the first quarter of the year – a downturn blamed mainly on the.The informal sector makes up a portion of the economy, although its share remains unclear due to its secretive nature. According to Santander Bank, foreign direct investment in Albania now accounts for 50% of its GDP. Challenges and solutions Overview.Albanian topics.Reforms in Albania are constrained by limited administrative capacity and low income levels, which make the population particularly vulnerable to, and other variables that negatively affect income. The economy continues to be bolstered by remittances of some of the labor force that works abroad. These remittances supplement GDP and help offset the large foreign trade surplus. Most agricultural land was privatized in 1992, substantially improving peasant incomes. In 1998, Albania recovered the 0.8% drop in GDP of 1997 and pushed ahead by 79% in 1999.
International aid has helped defray the high costs of receiving and returning refugees from the. Large-scale investment from outside is still hampered by poor infrastructure; lack of a fully functional banking system; untested or incompletely developed investment, tax, and contract laws; and an enduring mentality that discourages initiative. Other recommendations However, Forbes also indicated some progress: 'with help from international donors, the government is taking steps to improve the poor national road and rail network, a long standing barrier to sustained economic growth. Inward FDI has increased significantly in recent years as the government has embarked on an ambitious program to improve the business climate through fiscal and legislative reforms.
The government is focused on the simplification of licensing requirements and tax codes, and it entered into a new arrangement with the IMF for additional financial and technical support.' The 's January 24, 2017 report also offered some positive reinforcement: 'Economic program remains on track, good progress in implementing structural reforms, ’s accommodative monetary policy stance remains appropriate'. The IMF inspectors who visited provided the following action plan: 'Going forward, the main priorities should be: to continue expanding revenue to strengthen public finances and to ensure debt sustainability, reduce NPLs to strengthen financial stability and support credit recovery and advance structural reforms to improve the business climate.
Important progress has been made in these areas, and further efforts are needed to cement these gains. In this regard, strengthening of tax administration, broadening the tax base, and introduction of a value-based property tax remain important objectives. Improved public financial management will help ensure more efficient public spending and control of arrears.
Rapid implementation of the strategy for resolving non-performing loans is needed to strengthen lending to the private sector. Structural reforms to enhance the business environment, address infrastructure gaps, and improve labor skills will be crucial to strengthen competitiveness.' Application of Albania to the European Union.
Main article:Albania applied for membership of the in 2009. It is expected such membership would benefit Albania's economy. The country had received request status in 2014, but Albania has twice rejected full membership. The warned Albanian government leaders in early 2017, that the must be 'free and fair' before negotiations could begin to admit the country into the EU. The MEPs also expressed concern about the country's 'selective justice, corruption, the overall length of judicial proceedings and political interference in investigations and court cases' but the EU Press Release expressed some optimism: 'It is important for Albania to maintain today's reform momentum and we must be ready to support it as much as possible in this process'. In May 2019, European Commissioner recommended that the EU open membership talks with Albania.Albania also needs to continue to improve its infrastructure, particularly highways within its borders and connecting the country to its neighbors. Once there is evidence of significant progress on this front, the country's chances of acceptance into the EU should improve.
Discussions are underway to get the funding to do so.In the meantime, China is one of the major investors in Albania having purchased drilling rights to the oil fields of Patos-Marinze and Kucova (from a Canadian company) and Tirana International Airport SHPK. China Everbright and Friedmann Pacific Asset Management will operate the airport until 2025. As of March 2016, China was the country's main trading partner, with 7.7 percent of the country's total international trade; that is far more than the trade with Greece and Turkey. This is reminiscent of the strong relationship between Albania and China in the 1970s. Sectors Primary sector. The is famous for its.
Left is the 9th largest producer of in the world. Center Vinyard in. RightDuring the communist regime, Albania's agriculture was heavily centralized integrated with agriculture-related industries, and state-run. Today, Agriculture in employs 47.8% of the population and about 24.31% of the land is used for agricultural purposes. Agriculture contributes to 18.9% of the country's. The main agricultural products in Albania are, including, such as, but also, and and aromatic plants.is characterized by its unique sweetness and indigenous varieties. It has one of Europe's longest histories of.
Produced an estimated 17,500 tonnes of in 2009. During communism, the production area expanded to some 20,000 hectares (49,000 acres). The today's Albania region was one of the few places where vine was naturally grown during the ice age. The oldest found seeds in the region are 40,000 to 60,000 years old. Ancient Roman writer describes wine as 'very sweet or luscious' and refers to it as 'taking the third rank among all the wines'.
Albanian families are traditionally known to grow grapes in their gardens for producing wine and.Tertiary sector. In the Southern of Albania where the meets the.A significant part of Albania's national income derives from tourism.
In 2014, it directly accounted for 6% of GDP, though including indirect contributions pushes the proportion to just over 20%. Albania welcomed around 4.2 million visitors in 2012, mostly from neighbouring countries and the.In 2011, Albania was recommended as a top travel destination,. In 2014, Albania was nominated number 4 global touristic destination. The number of tourists has increased by 200% for 2014 as well.
The is a very popular ferry rides in southern Europe. It reminds of the Scandinavian fjord with its mountains.The bulk of the tourist industry is concentrated along the and the coast.
The latter has the most beautiful and pristine beaches, and is often called the. The Albanian coastline has a considerable length of 360 kilometres (220 miles), including many lagoons. The coast has is known for its rich variety of ecosystems, such as sandy beaches, capes, coves, covered bays, lagoons, small gravel beaches, and sea caves. Some parts of this seaside are very clean ecologically, which is a rarity in the area.The increase in foreign visitors has been dramatic. Albania had only 500,000 visitors in 2005, while in 2012 had an estimated 4.2 million – an increase of 740% in only 7 years. Several of the country's main cities are situated along the pristine seashores of the Adriatic and Ionian Seas. An important gateway to the, Albania's ever-growing road network provides juncture to reach its neighbouring countries.
Albania is within close proximity to all the major European capitals with short two- or three-hour flights that are available daily. Albania is also known for its history and traditional culture.A report from the (USAid)in October 2015 indicated that the direct contribution of tourism is becoming a significant part of the country's Gross Domestic Product, a full 4.8 percent of it in 2013.
The total contribution to the GDP was about 17 percent 'including wider effects from investment and the supply chain'. This is expected to increase in future.Seventy percent of Albania's terrain is mountainous and there are valleys that spread in a beautiful mosaic of forests, pastures, springs framed by high peaks capped by snow until late summer spreads across them. Infrastructure Transport. Is the 10th in the Balkans, handling over 2 million passengers per year.has undergone significant changes in the past two decades, vastly modernizing the infrastructure. Improvements to the road infrastructure, rail, urban, and airport transport have all led to a vast improvement in transportation. These upgrades have played a key role in supporting Albania's economy, which in the past decade has come to rely heavily on the construction industry.Albania's motorway network has been extensively modernised throughout the 2000s and part of it is still under construction. There are a total of 3 major motorways in Albania: the,.
When all corridors are completed, Albania will have an estimated 759 kilometers of highway linking it with all its neighboring countries. The is the only port of entry for air travelers to the country. The airport is named after the Albanian nun and missionary. It has seen a dramatic rise in passenger numbers and aircraft movements since the early 1990s. Today, the Airport handles over 2.2 million passengers per year.
Furthermore, Albania plans to build two airports which will mainly serve the tourism industry. The was formed as a result of the construction of the in 1978.Albania is dependent on and the largest producer of in the world, with a percentage of 100%. It is host to five Hydroelectric power stations and a plant including the, and which are situated on the river, due to its significant role for the production of electricity in the country.
The Albanian Devoll Hydropower company is currently built two hydroelectricity plants on the river near. The two plants are expected to be completed in 2016 and 2018. After its completion, it will produce 729 GWh annually, increasing the electricity production in Albania by almost 17%. TAP route from, Greece through, Albania to San Foca, Italy.The construction of 1.2 billion dollar was planned to begin in 2007. This would connect the port of Burgas in Bulgaria with the port of Vlora in Albania.
It is expected to ship 750,000 barrels (119,000 m 3) to 1,000,000 barrels (160,000 m 3) of crude oil each day. However, the seems more likely to get started. The route through Albania is approximately 215 kilometres onshore and 37 km offshore in the Albanian section of the. It starts at in the region at the Albanian border with Greece, and arrives at the Adriatic coast 17 km north-west of, 400 metres inland from the shoreline.A compressor station will be built near, and an additional compressor is planned near Bilisht should capacity be expanded to 20 billion cubic metres (bcm).
Eight block valve stations and one landfall station will be built along its route. In the mountainous areas, approximately 51 km of new access roads will be constructed while 41 km of existing roads will be upgraded, 42 bridges refurbished and three new bridges built. In the summer of 2015, TAP started the construction and rehabilitation of access roads and bridges along the pipeline's route in Albania. The work is expected to be completed during 2016. Retrieved 11 April 2019. (PDF).
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From 2003, This article incorporates from the website. From 2007,Notes. public sectorFurther reading. Bitzenis, Aristidis, and Leslie T.
'Entry Modes and the Determinants of Foreign Direct Investment in a European Union Accession Country: The Case of Albania.' Journal of East-West Business 15, no.3-4 (2009): 189–209. Feilcke-Tiemann, Adelheid. 'Albania: Gradual Consolidation limited by Internal Political Struggles'. Southeast European and Black Sea Studies 6, no. 1 (2006):25–41.External links Wikimedia Commons has media related to.
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