The International Monetary Fund projects a decline by 5 percent in Albania’s GDP for 2020 compared to last year.
The IMF has published its World Economic Outlook report with forecasts for each country.
Albania is expected to recover from the decline by 2021, for which year the IMF forecasts an 8 percent GDP increase over 2020, making for an average GDP growth of 2.6 percent in the 2019-2021 period.
Inflation is expected to remain under control, at only about 2.4 percent.
The IMF expects the global economy to contract by 3 percent in 2020, in stark contrast to its January forecast of a global GDP growth of 3.3 percent. The decline in GDP is expected to reach 6.1 percent in advanced economies.
“It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago,” said Gita Gopinath, the IMF’s chief economist.