February 16 (SeeNews) - Albania's economic growth is projected to stand at 2.5% in 2023, the European Bank for Reconstruction and Development (EBRD) said on Thursday, lowering its September forecast by 0.5 percentage points.
In 2024, Albania's gross domestic product (GDP) is expected to increase by 3.3%, the EBRD said in an update to its Regional Economic Prospects report.
In September, the EBRD projected economic growth of 2.8% for Albania in 2024.
Albania'seconomic output is estimated to have expanded by 3.7% in 2022.
The EBRD expects the economic growth of the Western Balkans region to slow to 2.2% in 2023 from the estimated rate of 3% in 2022, due to weak external demand, persistently high inflation and tighter financing conditions. Economic growth for the region in 2024 is projected at 3.4% in 2024.