May 10 (SeeNews) - Albania's economy is expected to grow by 3% in 2022, the European Bank for Reconstruction and Development (EBRD) said on Tuesday, lowering its March projection for the country's economic expansion by 0.3 percentage points.
In 2023, Albania's gross domestic product (GDP) is seen rising by 3.3%, the EBRD said in the May edition of its Regional Economic Prospects report.
For the Western Balkans region, the EBRD forecasts economic growth of 3.2% in 2022 and 3.6% in 2023.
The EBRD projected a GDP growth of 3.3% for Albania in 2022 in a special emergency edition of the report in late March.
The revisions since March are driven mostly by a larger than expected contraction in Ukraine as the war continues, the lender said.
"Projections are subject to major downside risks should hostilities escalate or should exports of gas or other commodities from Russia become more restricted," the EBRD added.
Albania's economy grew by 8.5% in 2021, after shrinking by 3.3% in 2020.