WB: Albania among the countries with the highest growth in IT exports

2024-03-15 07:28:00, Ekonomi CNA

WB: Albania among the countries with the highest growth in IT exports

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The information and technology (IT) services segment is currently the fastest growing category of international trade.

A global study by the World Bank reported that during the period 2010–22, IT services grew by 12 percent per year, outpacing all other service categories, and Albania was among the countries that saw the fastest expansion. fast in recent years.

Globally in 2022, IT services became the third largest category of service exports, just behind transportation and travel. Countries around the world are embracing the IT services sector as a new driver of growth, economic diversification and the creation of high-paying jobs.

Among upper-middle-income countries, 6 of the top 10 performers are from the Europe and Central Asia region, including Albania, Armenia, Georgia, Kazakhstan, Moldova and Montenegro, the World Bank reported. In these countries, exports of IT services experienced annual growth from 30 percent to 130 percent during 2019–2022.

The World Bank reports that in Albania in 2022 there were 539 technology and information companies. Exports of this group reached 88 million USD, while investments in this sector reached the value of 150 million dollars.

Technology and its use took off during and after the Covid-19 pandemic in middle-income countries, which includes Albania.

Among low-income countries, Madagascar and Uganda were the only two countries to report increases in technology and information exports.

Exporting IT services is expanding the global reach and impact of creating new technology businesses.

For resource-rich but landlocked and lower-income countries, IT services exports offer prospects and opportunities to diversify and integrate into the global economy. For most countries IT services exports are creating well-paid jobs.

The World Bank estimates that digitalization is the transformative opportunity of our time. The IT sector is becoming a promoter of innovation, economic growth and job creation.

Value added in the IT services sector grew by 8 percent annually during 2000–2022, nearly twice as fast as the global economy. Employment in IT services grew by 7 percent annually, six times higher than total global employment./Monitor