World Bank official forecasts Albanian economy to grow 1.3% in 2014

Albanian economy will recover in the next coming years with a projected growth rate of 1.3 percent in 2014 according to World Bank's report. The World Bank Country Director for Southeast Europe, Ellen Goldstein, said that "Albania's economic growth will be slow, but sustainable." During presentation of the World Bank's fifth report on the latest socio-economic developments in the South East European countries in Tirana on Monday, Goldstein underlined that "Albania has maintained constant positive growth rate like no other country in the region, adding that Bank projects a more positive growth next year." The World Bank report notes that economies of South East European countries are on the road to recovery as a significant surge in exports has fueled growth in the region. According to WB report the economies of the six countries in South East Europe are expected to grow by 2.2 percent collectively. WB forecasts that Albania's public debt could rise to 76 percent of the Gross Domestic Product (GDP) by 2018, but the debt surge will be kept under control. The only way to lower the debt's trajectory will be tax, pensions and energy sector reforms. A package prepared by the government will impose the fiscal discipline, a medium term programme to pay off debt owed by the government and focus of investments in priority projects.