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BoA report, external debt reduction begins, unemployment begins to decline, but the situation remains worrying
Written by Esmeralda HIDA 11 Shtator 2021
After a long period of upswing, the external debt has finally started to decrease. This is what the Bank of Albania has reported through the report that shows the monthly debt statistics. According to this report, by the end of June the external debt showed signs of reduction. Specifically, its level is 54 million ALL less. Presented in percentage, it is reported that the external debt already registers the level of 63.7% and is likely to continue to decrease for the rest of this year. "At the end of June 2021, Albania's Gross External Debt amounts to 8,811 million euros. During the second quarter, BJB's stock shrank by about 54m euros. Specifically, Gross External Debt to GDP ratio decreased from 66.6% to 63.7%. The performance of the BJB surplus during the quarter, notices the contraction of the external debt in the long run ", the report states. Meanwhile, the Bank of Albania shows that most of the total debt is created by the general government. Given that these debts are taken in foreign currency and it is likely that the value of their return will pass to a higher level. However, according to the BoA, the fact that the debt has started to follow a downward trajectory should be considered positive and predicts that by the end of this year the level of reduction will be even higher. The data show that, during the second quarter of 2021, total withdrawals or new debt inflows, generated by borrowing activity, amount to 215 million euros, of which 32 million euros belong to the public sector. According to the BoA, already, the government should be more careful, so that at least albeit in slow steps it can maintain the reduction of public debt continuously.
Unemployment is reduced
On the other hand, the Bank of Albania gives good news about unemployment. Published data show that employment has shown slight signs of improvement in the second quarter of the year, following the shock it received last year due to the pandemic. The Central Bank indicates that, at the end of June, unemployment dropped to 11.6%. While he added here that despite the fact that this decline has started, the employment situation continues to remain quite worrying because unemployment is still recorded at very high levels than that of the pre-crisis. "At the end of June, the unemployment rate reached 11.6%, marking a decrease of 0.3% both compared to the previous quarter and compared to the same period a year ago. Despite the slight decline in unemployment, "The labor market is still showing weakness by not catching the levels of the first year before the pandemic when at the end of 2019 it reached 11.2%", the report says. Referring to the administrative data of the labor market, in the public sector during the months of April-June were employed 12.3 thousand more individuals than compared to last year, while in the private sector entered the labor market 34.2 thousand more employees. This increase in employees in the private sector also signals an improvement in economic activity, as businesses appear to be returning laid-off employees. while in the private sector 34.2 thousand more employees have entered the labor market. This increase in employees in the private sector also signals an improvement in economic activity, as businesses appear to be returning laid-off employees. while in the private sector 34.2 thousand more employees have entered the labor market. This increase in employees in the private sector also signals an improvement in economic activity, as businesses appear to be returning laid-off employees.