June 9 (SeeNews) - The World Bank said it expects Kosovo's economy to rebound to a 4% growth in 2021 after contracting by an estimated 6.9% last year, maintaining its forecast made in April.
Kosovo's gross domestic product (GDP) is further projected to grow by 4.5% in 2022 and 4.1% in 2023, the World Bank said in the June edition of its Global Economic Prospects report published on Tuesday.
Growth in the Western Balkans region, which comprises Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia, is forecast to rebound to 4.4% this year and moderate to 3.7% in 2022, assuming consumer and business confidence revives as vaccination takes place and political instability eases, according to the report.
Based on preliminary estimates published by Kosovo's statistical office in April, Kosovo's GDP declined by 4.14% in 2020.