April 6 (SeeNews) - Albania's economy is expected to expand by 5% in 2021, the International Monetary Fund (IMF) said on Tuesday, cutting its projection for 6.1% growth made in October.
In 2022, Albania's economic output is projected to grow by 4%, the Fund said in the April edition of its World Economic Outlook report.
Albania's economy shrank by an estimated 3.5% in 2020, according to the report.
The IMF also said that the country's consumer price inflation will increase to 2% in 2021 and 2.3% in 2022 from 1.6% last year.
The country's current account deficit is seen shrinking to 8.7% of GDP this year and 8.3% of GDP in 2022, from 9.6% last year.
Albania's gross domestic product (GDP) declined by about 3.31% in 2020, based on preliminary estimates, the country's statistical office said last week.