Albania’s economic growth over the last four years has been higher than at any time in the last 100 years - with projected growth for 2009 the highest in the Europe – due to a series of government initiatives in recent years that have helped Albania to cope with the impact of the world recession.
Albanian economy has been able to progress despite a number of significant shocks in the world's economy
Albanian GDP growth has averaged 10% percent annually. Projected GDP growth for 2009 is the highest in the Europe and follows its peak growth rate in 2007-2008.
The Albanian economy has done very well under Prime Minister Sali Berisha, and government policy has been key. These economic gains are a big part of the reason he win re-election in 2009. Billions of dollars are currently being invested in all sectors.
Mr Berisha has doubled the budget, raised salaries, lifted Albanians from the poverty line and done an amazing job on the education system. Albanian tourism and investments is flourishing.Albania recently witnessed an impressive growth in tourism this year.
The government of Albania announced that there was a 42 percent increase in the number of tourists visiting the country compared to last year. With new hotels, resorts, bars and restaurants, the Albanian private sector in tourism has been growing an average of 30 percent for five years.
The Albanian economy had the best growth in Europe last year, and this trend is expected to continue this year as well. Foreign investments in Albania have increased 59 percent this year.
The Albanian government under Prime Minister Berisha, has created an excellent environment to attract investors to Albania. Special emphasis was paid on constructions of roads and improving infrastructure. The efforts on improving the legal system to protect investors also proved significant. Also that many Western European companies have chosen to escape the high taxes in Europe by investing in Albania as the latter offers the best tax system in Europe with a 10 percent flat tax
Albanian economie could grow more rapidly if they increased their inputs. In addition, increased efficiency might allow an economy to produce more output from the same quantity of inputs. Then and now, economists have envisioned increases in efficiency as products of technological advances.
The most advanced economies would have to develop better technology through research and development, but less-developed economies like Albania may be able to grow simply by adopting the technology of developed economies. (Examiner)
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