World Bank: The Albanian economy is expected to slow down to 3.2% this year

2024-01-10 12:53:00, Ekonomi CNA

World Bank: The Albanian economy is expected to slow down to 3.2% this year

Photo from the city of Tirana

The World Bank predicts that the Albanian economy will grow by 3.2% this year, a significant slowdown compared to the level of 3.6% that is expected to have closed in 2023.

The assessment came in the newly published Global Economic Outlook report. Even for 2025, the expectation remains the same, at 3.2%. Compared to the June 2023 report, both for 2024 and 2025, the assessment has decreased by 0.1 percentage points.

Kosovo is expected to have the highest growth in 2024, with 3.9%. Montenegro has it at the same level as us, at 3.2%. Serbia will expand by 3%, Bosnia Herzegovina and North Macedonia are expected to have a lower level, with 2.8 and 2.5% respectively.

The global economy will grow slowly in 2024

The World Bank predicts that the global economy in 2024 will slow down for the third year in a row

The global economy is on track to record its worst half-decade of growth in 30 years, according to the World Bank.

The global economy is forecast to slow for a third straight year in 2024, easing to 2.4% from 2.6% in 2023, the Bank said in its latest report.

The economy is also expected to grow slightly in 2025, at just 2.7%, although the acceleration over the five-year period will remain below the average rate of 3.1% in the 2010s.

Although the prospect of a global recession has diminished, largely due to the strength of the US economy, rising geopolitical tensions will present new near-term challenges, the WB said, with most economies growing more slowly in 2024 and 2025 than in the previous decade.

The Eurozone is expected to grow slightly more in 2024

The World Bank predicts the 20-nation eurozone will grow by 0.7% this year, a modest improvement from last year's 0.4% expansion.

The international financial institution expects economic growth in the United States, the country that led the way in 2023, with growth of 2.5% to slow to 1.6% this year as higher interest rates weaken borrowing and spending.

China's economy, the world's second largest, is forecast to grow 4.5% this year and 4.3% in 2025, down sharply from 5.2% last year.

China's slow growth is likely to hurt developing countries that supply the Chinese market with goods. These include coal-producing South Africa and copper-exporting Chile.

Japan's economy is expected to grow only 0.9%, half of its expansion rate in 2023./ Monitor