TIRANA, April 5 /ATA/ – The Governor of the Bank of Albania Gent Sejko welcomed Tuesday the launch of the annual Transition Report 2021-2022 by the European Bank for Reconstruction and Development, underlining that Albania’s economic activity will grow in 2022.
Addressing an event marking the launch of the EBRD Transition Report on Albania, central bank governor said that the report represents an important benchmark and reflection on the challenges facing the economies in the region.
“This report remains an important moment of discussion and reflection on the challenges facing the economies in the region, in terms of meeting the European Union standards and the sustainable and long-term growth targets,” Sejko said in his remarks.
According to him, the global economy was on the course of post-pandemic recovery.
“However, a new challenge has emerged on our horizon as policymakers with an impact on the daily economic life of every business and household, as the Russia’s military aggression on Ukraine and the international sanctions led to a swift rise in prices for food, oil, energy products and raw materials in international markets. Although the uncertainty is considerable, the available information suggests that these prices will continue to remain high, at least for the rest of 2022,” central bank governor said.
Sejko noted that Albania and the region face a new reality of prices and insecurity in the international; markets.
“As small and open economy, we can’t escape the effects of this reality. Albanian economy will face additional costs for households, businesses and public sector for a not short time. Based on current information, our projections suggest that inflation is expected to remain above central bank’s target for most of the next two years. However, our projections suggest that volume of the economic activity will grow in 2022,” Sejko said.
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