Albania has slashed its public debt by 16% over the last decade, outperforming its Balkan neighbors, where debt levels have climbed by 3.2%.
At the end of 2024, the country’s debt stands at 54.7% of GDP, a sharp drop from over 70% in 2013.
Finance Minister Petrit Malaj credits the impressive cut to economic growth, smart spending, and a positive primary balance.
“Albania is performing far better than the region. While our debt has dropped 16%, the rest of the Western Balkans have seen an increase,” Malaj said.
A stronger local currency against the euro and dollar has also played a small role, shaving off around 1% in 2024.
With over 50% of Albania’s debt now in local currency and better fiscal management, the country is proving that smart economic policies pay off.
