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Ekonomia

BoA optimistic about the future of the economy, financial growth of 5.3% is expected, here are the sectors where improvement is aimed

BoA optimistic about the future of the economy, financial growth of 5.3% is

The Bank of Albania continues to be optimistic regarding the economic performance for 2021. In its appearances in recent months, the BoA has given positive figures that give hope for the country's recovery. Meanwhile, yesterday the Governor of the Bank of Albania, Gent Sejko, showed that the parameters for economic growth have improved. According to him, the data so far predict that this year the economy will grow by 5.3%, where last time this forecast spoke of 4.9%. Sejko said that the decrease in the number of infected in recent weeks gives positive signals and shows that this summer we will have tourism without restrictions, more investment and will increase lending to the economy. According to him, these indicators are key contributors to economic growth and improved per capita income. "The Bank of Albania has a positive projection for economic growth. Seeing that the cases of coronavirus infected have decreased and if they continue in this downward trajectory we predict that economic growth for this year will be 5.3%, which is a higher forecast than the previous forecast which was 4.9%. "Improvement of tourism, increase of consumption, increase of investments and increase of the level of crediting will affect this increase", said Sejko. According to the governor, the year 2021 started with revival in the first quarter. Although at a slow pace, according to him, the country has begun to recover even having higher economic activity than previously predicted. "The pace of recovery has accelerated and the economy has been improving in the last three months. Monetary policy will remain on the easing side. The growth of economic activity in recent months has been higher than we expected. We also had rising inflation in February and March even though it is below our target. "We anticipate that the absorption of as much foreign investment as possible and consumer confidence have improved significantly and are instruments that will boost the economy in the coming months," he said.

Here are the concerns that prevail

The governor said during his speech that, despite the recovery shown in the first quarter, economic growth continues to be surrounded by some risks left behind by the pandemic. According to him, the level of unemployment and the reduction of the level of wages continue to be the main problem. Sejko noted that some of the key indicators in economic growth have not yet strengthened and the consequences of the crisis are being felt. For this, the BoA in cooperation with the government should work on improving structural and fiscal reforms, emphasizing that it is very necessary to increase competitiveness. "The Supervisory Council notes that, at the current stage, the economic recovery is not complete and its supporting factors are not yet consolidated. The effects of the pandemic on the economy remain apparent, at still low levels of aggregate demand, in declining employment and rising unemployment. Also, inflation remains below our 3% target. In this context, the Council considers that monetary policy should continue to remain on the easing side. "The monetary stimulus will serve to stimulate consumption and investment, which will further translate into increased employment, wages and profit margins, in line with our inflation target," explained the governor. Among other things, Sejko pointed out as a risk the fact that for 2021, the fiscal stimulus is in the form of increased capital expenditures, in support of the reconstruction program and infrastructure development. The fiscal data of the first quarter are in line with this performance, proving a simultaneous expansion of both fiscal revenues and expenditures and the budget deficit. Also, inflation remains below our 3% target. In this context, the Council considers that monetary policy should continue to remain on the easing side. "The monetary stimulus will serve to stimulate consumption and investment, which will further translate into increased employment, wages and profit margins, in line with our inflation target," explained the governor. Among other things, Sejko pointed out as a risk the fact that for 2021, the fiscal stimulus is in the form of increased capital expenditures, in support of the reconstruction program and infrastructure development. The fiscal data of the first quarter are in line with this performance, proving a simultaneous expansion of both fiscal revenues and expenditures and the budget deficit. Also, inflation remains below our 3% target. In this context, the Council considers that monetary policy should continue to remain on the easing side. "The monetary stimulus will serve to stimulate consumption and investment, which will further translate into increased employment, wages and profit margins, in line with our inflation target," explained the governor. Among other things, Sejko pointed out as a risk the fact that for 2021, the fiscal stimulus is in the form of increased capital expenditures, in support of the reconstruction program and infrastructure development. The fiscal data of the first quarter are in line with this performance, proving a simultaneous expansion of both fiscal revenues and expenditures and the budget deficit. The Council considers that monetary policy should continue to remain on the easing side. "The monetary stimulus will serve to stimulate consumption and investment, which will further translate into increased employment, wages and profit margins, in line with our inflation target," explained the governor. Among other things, Sejko pointed out as a risk the fact that for 2021, the fiscal stimulus takes the form of increased capital expenditures, in support of the reconstruction program and infrastructure development. The fiscal data of the first quarter are in line with this performance, proving a simultaneous expansion of both fiscal revenues and expenditures and the budget deficit. The Council considers that monetary policy should continue to remain on the easing side. "The monetary stimulus will serve to stimulate consumption and investment, which will further translate into increased employment, wages and profit margins, in line with our inflation target," explained the governor. Among other things, Sejko pointed out as a risk the fact that for 2021, the fiscal stimulus is in the form of increased capital expenditures, in support of the reconstruction program and infrastructure development. The fiscal data of the first quarter are in line with this performance, proving a simultaneous expansion of both fiscal revenues and expenditures and the budget deficit. which will further translate into increased employment, wages and profit margins, in line with our inflation target ", explained the governor. Among other things, Sejko pointed out as a risk the fact that for 2021, the fiscal stimulus is in the form of increased capital expenditures, in support of the reconstruction program and infrastructure development. The fiscal data of the first quarter are in line with this performance, proving a simultaneous expansion of both fiscal revenues and expenditures and the budget deficit. which will further translate into increased employment, wages and profit margins, in line with our inflation target ", explained the governor. Among other things, Sejko pointed out as a risk the fact that for 2021, the fiscal stimulus is in the form of increased capital expenditures, in support of the reconstruction program and infrastructure development. The fiscal data of the first quarter are in line with this performance, proving a simultaneous expansion of both fiscal revenues and expenditures and the budget deficit. in support of the reconstruction and infrastructure development program. The fiscal data of the first quarter are in line with this performance, proving a simultaneous expansion of both fiscal revenues and expenditures and the budget deficit. in support of the reconstruction and infrastructure development program. The fiscal data of the first quarter are in line with this performance, proving a simultaneous expansion of both fiscal revenues and expenditures and the budget deficit.

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