WHAT GDP FIGURES DON’T TELL YOU. MICROECONOMIC EVIDENCE ON THE IMPACT OF THE WORLD FINANCIAL CRISIS ON THE ALBANIAN ECONOMY

Besart Kadia

Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, 2014, vol. 8, issue 1, 680-690

Abstract: GDP figures would suggest that the Albanian economy was still growing during the peak of the world financial crisis, in contrast to all the other economies in the region. However, analyzing GDP growth composition and microeconomic evidence from the inward processing industry in Albania it becomes clear that the country’s industries were hit by the crisis just as much as the other economies in the region. This study suggests that by referring only to macroeconomic evidence the Albanian government was in denial of the crisis and therefore not addressing the entrepreneurs pressing needs in the country. Through evidence obtained through questionnaires conducted in three cities during 2010-2011 this study analyses the impact of the world financial crisis on sales revenue, profit and trade of this very important industry and how the entrepreneurs reacted to the falling demand from the two biggest trade partners: Italy and Greece.

Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:rom:mancon:v:8:y:2014:i:1:p:680-690

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