The World Bank expects Albania’s economic output to expand by 4.4% in 2021, it said, lowering its 5.1% growth forecast for the country’s economy made in January.
“Tourism and travel are likely to remain limited until global vaccination rollout is completed,” the World Bank said in the spring edition of its Europe and Central Asia Economic Update report published on Tuesday.
Albania’s economic growth is expected to slow down to 3.7% in 2022, the World Bank said as quoted by SeeNews on Thursday.
Albania’s gross domestic product (GDP) declined 3.31% in 2020, the country’s statistical office INSTAT said in a preliminary estimate on Wednesday.
The World Bank expects the GDP of the Western Balkans region to grow by 4.4% in 2021, more than its earlier estimate of 3.5% growth, the World Bank said.
The bank estimates the decline in the economic output of the Western Balkans region in 2020 at 3.6% in the report.