Albanian exports, IMF recommends government take measures

Albanian exports, IMF recommends government take measures

Albania has ranked poorly compared to the countries of the region in terms of income and competition in exports.

The International Monetary Fund urges the government to intervene, improving the environment for the manufacturing of Albanian products, considering it as the only way to increase exports.

In an analysis of exports from Balkan countries', the IMF recommended Albania take concrete measures to improve the growth of exports, as it is an important element for the economic performance of a country.

In the report, the IMF lists a number of challenges that need to be solved, including weak institutions, infrastructure shortcomings, an overly complex tax system, few funding opportunities, as well as unqualified labor.

According to the report, Albania's exports largely focus on the textile sector and very little in oil and minerals, bringing in less income compared to other countries in the region.

Although the downturn has seen some recovery this year, Albania remains the country with the lowest level of exports in the region, an indicator that demonstrates a lack of competitiveness in the economy.

According to INSTAT data, during the 11 months of 2017 exports grew by 225 million Euros compared to the same period of the previous year.

The countries with which Albania has supplied the largest increase in exports, compared to November 2016, are Italy, Kosovo and Spain.

However, exports to China and Macedonia have seen the largest reductions in levels of exported good.

EMISIONET