Albanian economy is expected to see the greatest recession in the past 20 years as a result of the coronavirus pandemic.
The grim forecast comes from the Bank of Albania (BSh).
BSh governor Gent Sejko warned in a press conference on Wednesday that the economic recession would be accompanied by a significant increase in unemployment and a decline in Albanian families’ income.
He stressed that the crisis would have an unavoidable impact on the financial and banking sector. Sejko also added that the principal responsibility for managing the crisis falls on public institutions.
The main challenges BSh will face in the wake of the coronavirus pandemic will be protecting human capital, protecting businesses from bankruptcy, and maintaining the country’s financial stability. The bank will also have to review business models and adapt them to remote working.