Albania has transformed from one of the poorest countries in Europe to an upper-middle-income country. The country is implementing important reforms to revitalize growth and job creation, while advancing the European Union integration agenda.
The two significant shocks that have recently affected the economy—the devastating 2019 earthquake and the COVID-19 pandemic—dominate the stage of recent economic developments. As the country started its reconstruction phase, the global pandemic forced it to put key economic sectors in lockdown. The tourism sector, a key driver of growth, was hit especially hard because of containment measures and travel restrictions. (World Bank, 2020)
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