The International Monetary Fund (IMF) has forecasted that Albania’s economy will grow by 3.3 percent by the end of 2024, reflecting a modest adjustment of 0.2 percent from earlier projections. This outlook brings a sense of cautious optimism, largely propelled by the resurgence in the tourism and construction sectors, which are critical to the country’s recovery.
Elvin Meka, an economic expert, shared insights on the report. “While this figure is relatively good for assessing development, it still falls short of what would genuinely enhance the welfare of our citizens,” he said in an interview. “We must recognize that this growth is coming from just two sectors, and it’s not yet translating into broader economic benefits for everyone.”
The IMF’s outlook is echoed by the World Bank, which has also expressed measured optimism regarding Albania’s economic prospects. In contrast, the Albanian government and the Ministry of Finance are even more hopeful, projecting a growth rate of 3.8 percent.
Yet Meka warns that this growth alone may not be enough. “For Albanian families to see meaningful improvements in their incomes, we need growth rates to exceed 5 percent. The current projections simply aren’t sufficient for real change,” he explained.
In a broader analysis of the Western Balkans, the IMF noted that Serbia is expected to lead the region with a growth rate of 3.9 percent this year, closely followed by Kosovo at 3.8 percent and Montenegro at 3.7 percent. Albania’s projected growth places it just behind these countries, while North Macedonia is expected to grow by 2.2 percent, and Bosnia and Herzegovina lags with a mere 1.6 percent growth.
As the Albanian economy recovers, the focus on tourism and construction remains critical. Local business owners and citizens are hopeful for a brighter economic future. One hotel manager in Tirana remarked, “We’ve seen an influx of tourists this year, and it’s encouraging. However, we need that growth to reach everyone, not just the industry.”
