Albania: Recent Economic Developments

International Monetary Fund

No 1997/021, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper describes economic developments in Albania during the 1990s. Macroeconomic performance deteriorated in 1996, as the fiscal stance was weakened ahead of the parliamentary elections in May. Although two large public sector wage increases contributed, it was mainly revenue shortfalls that drove the domestically financed budget deficit to more than 10½ percent of GDP—the highest level since 1992. Reflecting higher demand in the economy, the trade deficit increased from 19½ percent of GDP to 25 percent of GDP, and inflation nearly tripled to 17½ percent.

Keywords: ISCR; CR; gross domestic product; state enterprise; U.S. dollar; private sector; savings bank; foreign exchange; banking system; exchange rate; Commercial banks; Privatization; Wages; Europe (search for similar items in EconPapers)
Pages: 80
Date: 1997-04-17
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