title
macrohistory & world report

Republic of Albania

Map of Albania

Albania (capital Tirana) amid its neighbors

World Factbook as of November 2014: "Albania, a formerly closed, centrally-planned state, is making the difficult transition to a more modern open-market economy. Albania managed to weather the first waves of the global financial crisis but, more recently, its negative effects have put some pressure on the Albanian economy. While the government is focused on establishing a favorable business climate through the simplification of licensing requirements and tax codes, it entered into a new arrangement with the IMF for additional financial and technical support. Remittances, a significant catalyst for economic growth declined from 12-15% of GDP before the 2008 financial crisis to 7% of GDP in 2012, mostly from Albanians residing in Greece and Italy. The agricultural sector, which accounts for almost half of employment but only about one-fifth of GDP, is limited primarily to small family operations and subsistence farming, because of a lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Complex tax codes and licensing requirements, a weak judicial system, poor enforcement of contracts and property issues, and antiquated infrastructure contribute to Albania's poor business environment and makes attracting foreign investment more difficult... The country will continue to face challenges from increasing public debt, having exceeded its former statutory limit of 60% of GDP in 2013. Strong trade, remittance, and banking sector ties with Greece and Italy make Albania vulnerable to spillover effects of debt crises and weak growth in the euro zone."

GDP growth rate
2013: 0.7%
2012: 1.3%
2011: 3.1%

Births / deaths
2014: 12.73 / 6.47

Population growth rate:
2014: 0.3%

Government

World Factbook: "An emerging democracy." Capital: Tirana

Recent History

Wikipedia: From 1993 human resources in sciences and technology have drastically decreased. Various surveys show that during 1991–2005, approximately 50% of the professors and research scientists of the universities and science institutions in the country have emigrated.

World Factbook 2007: "Lagging behind its Balkan neighbors, Albania is making the difficult transition to a more modern open-market economy. Macroeconomic growth has averaged around 5% over the last five years and inflation is low and stable. The government has taken measures to curb violent crime, and recently adopted a fiscal reform package aimed at reducing the large gray economy and attracting foreign investment. The economy is bolstered by annual remittances from abroad representing about 15% of GDP, mostly from Albanians residing in Greece and Italy; this helps offset the towering trade deficit."

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