Ljubljana stock indices go down, NLB paces decliners
Podravka, HPB weigh on Croatian share indices
Most Bulgarian stock indices fall, SOFIX rises on Fibank gain
Most Romanian stock indices rebound, Electrica shines
Romania's Safetech Innovations net profit down 5% in 2023
Nov 24, 2022 11:56 EEST
November 24 (SeeNews) - Albania could mobilise revenue and create space for targeted social protection measures by implementing fiscal reforms such as broadening the tax base, boosting tax compliance and reducing the share of cash economy, the European Bank for Reconstruction and Development (EBRD) said.
The country should also improve the business environment by giving priority to measures such as simplifying the tax system, enhancing support for micro-small and medium-sized enterprises (MSMEs), ensuring the security of e-government services and increasing the effectiveness of the public-private dialogue, the EBRD said in its Transition Report 2022-2023 on Tuesday.
At the same time, Albania is facing an economic slowdown, as GDP growth decelerated to 2.2% in the second quarter from 6.5% in the first quarter due to lower export and private investment growth.
The EBRD sees Albania's economy growing by 3% in both 2022 and 2023, after expanding by 8.5% in 2021.
"Key risks to the near-term outlook include rising inflation and tightened financing conditions, which dampen household consumption and investment," the lender said.
Albania's policy measures are currently shielding the economy from rising prices, the EBRD noted. Inflation in Albania reached 8.1% in September, but the central bank has raised its key policy rate four times since the start of the year - from 0.5% in March to 2.25% in October.
In terms of energy production, renewables should lead to greater energy security, hence developing the sizeable pipeline of solar and wind projects should be accelerated, the EBRD said.
You have run out of free articles this month.
Sign up in for
and get ten (10) free articles per month or sign up for
and get unlimited access.
Browse our free newsletter options