TIRANA, May 28 /ATA/ – The governor of the Bank of Albania Gent Sejko has highlighted Albania’s significant progress in building strong institutions and improving business climate, contributing to steady economic growth in the last five years.
In his remarks at presentation of the EBRD Transition Report on Wednesday, the central bank governor emphasized the fall in unemployment rate to 11.3% and the rise in private consumption by 7%, highlighting importance of structural reforms in this process.
This year’s EBRD report addresses one of the biggest challenges facing developed and emerging economies: reformulating industrial policies in an increasingly complex global context.
According to Sejko, the industrial policies are no longer a means of supporting existing industries, but they are designed to create advanced diversified and creative economies, as well as prepare for a sustainable future.
Governor Sejko underlined that development through traditional industrial exports is facing mounting challenges and Albania and other countries are finding it increasingly harder to rely solely on exporting raw materials. According to him, advanced digitalized and creative services are emerging as the new opportunity for increasing productivity.
He noted that the government’s industrial policies should align with the country’s European Union accession goals, saying that Albania, as a small and open economy, is most likely to capitalize on convergence with the European Union.
Sejklo also underlined that the state assistance should be earmarked to companies with high potential to contribute to innovation and creation of new jobs.
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