Albania Lost 50 Thousand Jobs to the Pandemic

The Albanian market has lost 50 thousand jobs during the pandemic, bringing the country’s unemployment rate to 11.9%

The number was made public by Bank of Albania governor Gent Sejko.

This loss marks a 3.6% drop in the employment, as compared to 2019.

During the second trimester of 2020, Albania’s GDP saw the steepest drop in the last two decades, decreasing by 10.2%.

Nonetheless, Sejko was optimistic in expecting economic activity to recover within the next two years. 

This recovery, however, remains contingent on a number of factors including a possible return of quarantine, as well as possible damage dealt to productive capacity and internal demand, and potential structural changes to the economy.

Fjalë kyçe:   Albania, Bank of Albania, economy, unemployment