The Albanian economy and the global crisis

MSc. Xhelal Mziu

Abstract

The performance of the Albanian economy shows that Albania is not affected by the global economic crisis, but we cannot say that sit has not had its effects. Since one part of the income come from migrant remittances from neighboring countries, countries which are maximally affected by the crisis, especially Greece and some other country of the UE, rightfully we can say that in the Albanian economy are also felt the effects of this economic crisis, but are passed with “elegance” by the Albanian economy. The microeconomic and macroeconomic index shows that our country has survived this economic “storm”, by showing an economic stability.
Actually, the Albanian economy is identifying the progressive growth rates in its many strategic sectors, and it’s sufficient to see the figures: economic growth in over 3.5%, the budget deficit reduction under 3%, or the reduction of the public debt under 60%, are parameters that show that the Albanian economy is on the soundtrack and that the fiscal policy followed by the government has significantly affected in its amortization.
The Albanian government implemented anti-crisis fiscal package before 3-4 years, by tapping the tax-profit only by 10%, flat tax 10%, social security 15%, small business tax 1.5%, custom tariff lowered over 6 times, etc.
In the year 2008 the economic growth is 7.5 – 8%, uncontested figure by the UE countries and financial institutions.

 

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