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IMF affirms Albania 2017 GDP growth forecast at 3.7%

IMF affirms Albania 2017 GDP growth forecast at 3.7% ruskpp/Shutterstock.com

TIRANA (Albania), April 19 (SeeNews) - The International Monetary Fund (IMF) has affirmed its previous forecast of Albania's 2017 economic growth at a real 3.7%, according to the latest edition of the global lender's World Economic Outlook (WEO) report.

Albania's economic growth is expected to reach 4.1% in 2018, the IMF said in the April WEO report on Tuesday. The same growth rate is projected for 2022.

The IMF's projection for Albania's economic growth in 2017 repeats the previous forecast for that year made in the October edition of the report.

Albania's Gross Domestic Product (GDP) grew by a real 3.4% in 2016, the IMF said.

According to the IMF, Albania's annual average consumer price inflation will accelerate to 2.3% in 2017 and 2.9% in 2018, from 1.3% in 2016, whereas in 2022 it will reach the central bank's target of 3%.

Albania's 2017 current account deficit is projected to rise to 13.7% of the GDP, from 12.1% in 2016. In 2018, the current account deficit is expected to shrink to 13% and decline further to 9.5% of the GDP in 2022, the IMF said.

In comparison, the World Bank expects Albania's economy to grow by 3.5% in each of 2017 and 2018. The bank's Spring 2017 Western Balkans Regular Economic Report, published earlier this month, envisages consumer prices inflation of 1.5% for 2017, while for 2018 the bank expects price growth in Albania to speed up to 2.9%.

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