Reports ALBANIA MARKET REPORT
A Rocky-style fight back Albania
Albania might have sent the bulk of its gambling industry to the sin-bin
four years ago, but the defiant sector has slowly tiptoed back onto the ice, squared-up over tax revenue, beat the heavy-handed gambling ban, and scored with legalisation over sports betting.
Albania has been struggling to recover economically ever since the 2019 earthquake. Ten of course Covid wreaked havoc, whilst an ongoing health crisis has been further aggravated by the current wave of migration, particularly noticeable within the medical sector.
Many Albanians leave to find work abroad and unemployment is widespread with around one third of the population living in poverty. It is said 1.4 million Albanians have left the country since the end of communism in 1991 and 700,000 within the last 10 years. Of these, some 3,000 are believed to be doctors and Albania now has the lowest number of medical staff in Europe.
Te wave of migration is fuelled by various issues from poverty to corruption issues, whilst Albania’s debt is well above the average of the six western Balkan countries.
Tere is currently a push in Albania to increase P162 WIRE / PULSE / INSIGHT / REPORTS
productivity and create better employment opportunities for its citizens, whilst also looking at addressing the skills gap and creating more jobs and reforming the university system.
GDP growth contracted by four per cent in 2020 but reached 7.2 per cent in 2021 whilst much of the strong recovery is supported by consumption, construction, and tourism.
Prior to 1991 the ruling communist party directed the country’s economy through a series of five- year plans so all means of production were effectively under state control. Foreign aid was forbidden alongside loans or foreign investment leading to Albania’s isolated reputation.
By the mid-1990s, however, restrictions on private trade were lifted and foreign investment filtered into the country with aid coming from the IMF, EU, and United States. At this time Albania had one of the fastest growing
economies in the region. An economic crisis struck in 1997 which devastated the national economy coupled with the Kosovo conflict but by the beginning of the 21st century Albania began to see growth in its GDP again.
More than four fifths of the economy has been privatised since the 1990s and almost half of workers are employed in agriculture, which accounts for a fifth of Albania’s GDP. Unemployment is around 11 per cent currently.
Corruption remains one of the biggest challenges in Albania and is an aspect which hindered their EU membership application in 2014. Tere are continued protests demonstrating against corruption and the rising costs of living, which has gone up around eight per cent recently in terms of basic food and fuel costs. Local elections are due in May this year and are seen as a way for the opposition to gain ground.
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