World Bank adjusts Albania's 2024 GDP growth f'cast to 3.3%

The 2023 GDP growth estimate for Albania stands at 3.3%, lower than the 3.6% estimate in January, the World Bank said in its Spring Western Balkans Economic Outlook report on Thursday.

The 2025 GDP growth projection has been revised upwards by 0.2 pp to 3.4%.

From a regional perspective, the World Bank expects growth in the Western Balkans to accelerate to 3.2% in 2024, compared with the 2.6% expansion estimated for 2023.

“While the region is expected to return to its pre-pandemic trend in 2024, this is insufficient to enable faster convergence with EU income levels over the medium term. The EU’s new Growth Plan for the Western Balkans, approved in late 2023, offers an opportunity to catalyse growth-enhancing reforms and investments,” the World Bank said.

Cooling job markets, domestic inflationary pressures and weaker investment due to a weak growth in the Eurozone might hinder economic growth, the World Bank noted.