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EBRD downgrades Albania's 2010 GDP Growth

Monday, 17 May 2010 08:22

Albania is the one country in this sub-region that managed positive growth in 2009, but growth is likely to decrease in 2010, reflecting the impact of recent floods, a slowdown both in capital inflows and in remittances as well as slower credit growth. The country is particularly vulnerable to a serious Greek downturn, as the majority of remittances into Albania come from migrants in Greece, many of whom work temporarily in seasonal jobs states EBRD in its May 2010 economic outlook report.

EBRD has downgraded Albania's Gross Domestic Product (GDP) forecast from 2.0 in January to 1.4 in May. The 2011 forecast is 3.1%