Albania's best economic moment?

The country's economy is giving good indicators throughout the first five months of this year. Economic sentiment, business and consumer perception, have reached high levels. Total revenues in the State Budget for the period January-May 2024 were realized in the amount of 287 billion ALL or 2.9 billion euros, 3.4 percent more than the plan for the same period, or 11.2 percent more than the period January-May 2023. Compared to a year ago, revenues increased by 28.9 billion ALL or 289 million euros. Other consumption and investment indicators testify to accelerated economic growth. A fundamental indicator of the health of Albania's economy is the level of inflation. Throughout the last year and likewise in the five-month period January-May of this year, inflation has been lower than in the countries of the region or the average of the European Union. In May 2024, it dropped to 2.2 percent, a level entirely controllable by the central bank and healthy for the economy. In 2023, our economy recorded a surplus (when income exceeds expenditure) of the current account for the first time. Expectations are for a significant improvement for this year as well, compared to dozens of years 2008-2022, when we had significant deficits. The surplus came from the extraordinary growth of tourism, as well as from the significant increase in foreign direct investment. The continuously increasing ratings received by Albania these months from international agencies ranking the debt-paying ability and the health of the economy as a whole, such as "Standard&Poor's" and "Moody's", certify the good economic moment of the country, affect the image and in access to international markets, as well as in the lower cost of crediting abroad and in the domestic market. The domestic banking sector is expected to implement the "Open Banking" program this year, which will give the citizen bank client the opportunity to choose the best option in the market for his money transactions, offered by banks or technology enterprises. financial (FinTech). On the other hand, the pension scheme also marked a significant improvement, where contributors' income in 2023 reached 134 billion ALL, or 1.29 billion euros, double the level from the beginning of the reform in 2015. The deficit of the pension scheme is down to 0.8 percent of national product (GDP) in 2023, or the lowest level ever recorded, from nearly 2 percent of national product in 2015, when pension reform began. In July of this year, the government is preparing to issue another State Guarantee program in agriculture, for farmers who process and increase production for export, as well as for guesthouses and other agro-tourism structures. Likewise, salaries in the state for employees at specialist levels, i.e. an average salary level in the state administration, are 900 euros per month.This average level of salaries in the state administration ranks Albania in the first three countries of the Western Balkans, in terms of the average salary in the state. The increase in salaries in the state administration in July 2024 will also be an impetus for the private sector in Albania. , so that he continuously increases the salaries. The country's economy is also doing well in terms of foreign direct investments in Albania, which are in record numbers for this year and are expected to surpass last year's record of 1.5 billion euros. In March next year, the Vlora Airport, the second most important international airport of Albania, is expected to be completed and become operational, which will give a new boost to tourism in the South of the country. The main challenge for the government is to translate this good economic moment into increased support for the most productive sectors of the country, as well as more effective support for certain segments of the population, with modest incomes or below the poverty level. with the logic of economic growth as comprehensive as possible. All these indicators, combined with the positive and growing figures of tourism in the country, give confidence that this positive moment, the best of the 34 years in transition, will continue in the near and mid-term future.