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Ekonomia

IMF gloomy forecast: Albanians are plunging into poverty, revenues in the country will decrease by 1.2 billion ALL

IMF gloomy forecast: Albanians are plunging into poverty, revenues in the

Every Albanian will be impoverished by 425 dollars during 2020 and this will be the year with the deepest economic crisis. This is quoted in the latest report published by the International Monetary Fund, which has provided forecasts for the economic performance of all countries in the region and Europe. Since the beginning of the pandemic, the Fund has predicted a bleak economic future for our country. And in this second part of the year when the Albanian government was expecting a recovery from the economy, the IMF deepened the statistics on the poverty of Albanians. Like any other report, even more negative is the latter, which shows that the income of every Albanian will shrink by 8%, while in total Albanians will lose $ 1.24 billion. Of course, the IMF lists as the main reason the isolation of the country for almost 3 months and the inability of the state to create stability and credibility for enterprises in the country and especially for those thousands of citizens who remained unemployed. "Per capita income of Albanians in 2020 is expected to decrease by 425 dollars, or by almost 8% compared to the previous year. In nominal terms, per capita income of each individual, at current prices (in dollars per capita) is expected to drop to $ 4,898 in 2020, from $ 5,323 per capita income a year earlier. In total, the country is expected to lose $ 1.24 billion this year, which is about 8% of annual revenue in 2019. This downward trend in per capita income is being observed worldwide, "Due to the consequences that quarantine has had on global economies in order to prevent Covid-19 infection and the uncertainties that are still going on, raising many uncertainties about the future," the report said. The Fund has already predicted that more than 45% of the Albanian population will plunge into extreme poverty and this is the highest historical level of the last eight years, ie since 2005. This is because, according to the IMF, Albania was is one of the countries with unstable economies and before the pandemic, and is one of the countries with the highest unemployment in the region.

Albania is the poorest country in Europe

In the data published by the International Monetary Fund, it is emphasized that after Kosovo, our country is ranked as the poorest country in Europe. A citizen in Albania enjoys a maximum of 4,428 dollars per capita per year and this is a very small value if you compare with other countries in the region, but also with the lifestyle trend that the country has recently followed. All this because in our country a deep economic recession was predicted as well as a record increase in unemployment. "Albania and Kosovo are ranked among the poorest countries in Europe, not including the countries of the former Soviet Union. Out of 192 countries, Albania is 98th on the list and Kosovo 108th with 4,428 USD per capita. Montenegro has the highest per capita income in the region, in 77th place in the world 8.82 5USD, almost twice the Albanian-speaking lands. Then Serbia with 7,382USD, Northern Macedonia 90th with 6,018 USD, Bosnia and Herzegovina 92nd with 6,015 USD. While the strongest contraction in the region is expected to have Montenegro with -12%, followed by Croatia with -9% and then Albania is ranked at the same levels with Kosovo -7.5% each. The three coastal states Croatia, Montenegro, Albania have a high dependence on tourism, which has been among the sectors most affected by the pandemic. The crisis is expected to be felt less by Serbia, which is projected to decline by -2.5%. "Macedonia will shrink by -5.4%, while Bosnia by -6.5%," the report said. According to the International Monetary Fund, the cause of poverty is the closure of sectors related to trade or attracting foreign income, including migrants, because movement has been restricted across borders, which has significantly reduced exports.

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