Albania bucks Eurozone economics

Thursday, October 27, 2011

Albania bucks Eurozone economics

Bucking the trend for eurozone doom and gloom, one European country is faring well - Albania.

The IMF has forecasted that the Balkan nation will enjoy 2.5% growth in GDP in 2011, reaching 3.5% in 2012. And while this year's growth is slightly under the 3% that the country saw in 2009 and 2010, it is still the best-performing Balkan nation. Bosnia and Herzegovina experienced a 2.2% GDP increase followed by Montenegro at 2%. Croatia is expected to expand the least this year with 0.8% GDP growth.

This is compared with growth in the UK this year which was 0.5% in the first quarter and 0.1% in the second.

Experts now believe that investment in the Balkan countries could be the key to breaking the eurozone deadlock and catalysing growth throughout Europe. Albania has been successful in avoiding a crash by implementing strong policies in the country before the economic downturn took place.

Ravin Maharajah, Partner of Lalzit Bay Resort & Spa, a luxury residential development located on Albania's Adriatic coastline, comments, "Albania has much to offer investors. Indeed with the IMF suggesting that the Eurozone and the US could fall back into recession, it would appear that Albania will lead the way in faster economic growth in the coming years. The report even predicts Western European nations such as France to fall behind Albania's growth."

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