Albania's economy performed relatively well this year in some of the toughest economic times on record, the official ATA news agency quoted Prime Minister Sali Berisha as saying.
"The Albanian economy successfully managed to cope with the most severe crisis that Europe and the world has ever seen since 1930," Berisha told the government's strategic planning committee, which reviewed the 2010 budget before passing it to the cabinet and parliament for study.
"(This year) marked the greatest wage increase in the history of the country, and marked an increase in budgetary income of about 8% compared to last year."
Albania also showed its highest rate of increase in foreign investment at 59%, and sharpest rise in new infrastructure and public works, ATA quoted Berisha as saying.
The government statistics agency has estimated growth at 5.3% in the second quarter. According to the International Monetary Fund, which has urged the government to end fiscal stimulus and set realistic targets in the 2010 budget, the economy will show 2% growth in 2009.
Revising upwards its earlier forecast of 0.7% growth, the IMF said it had seen fairly strong Albanian economic activity in the first part of the year and a slowdown in the second. Albania held parliamentary elections in June.
Growth for 2010 is likely to be 3%, a relatively high number for Europe, the IMF's Albania section chief, Gerwin Bell, said in late October.
Bell welcomed sound macroeconomic policies in place for a number of years, which had allowed the government to build up a good fiscal position and allow a healthy financial system to take root.
He said the government should be realistic on budgetary income and expenditure.
"Moreover, a strong fiscal position, declining public debt and improving external position will be absolutely critical when Albania goes to international debt markets to finance," Bell said.
The IMF's latest three-year programme for Albania worth $27.9 million expired in January, and the government has said it has no need of a new accord.
Source: Balkans.com Business News
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