"European integration will create new opportunities for trade and investment" - Governor Sejko at the International Scientific Conference
Increasing productivity, adapting to technological innovations (including the great development of artificial intelligence and digitalization) as well as resource constraints, especially those related to labor markets, are some of the structural challenges that Albania must face in the long term.
This was stated by the Governor of the Bank of Albania, Gent Sejko, at the International Scientific Conference, on the topic "Demographic changes and labor market dynamics - challenges of sustainable economic development in Albania, Kosovo and the region", organized by the Academy of Sciences of Albania and the Academy of Sciences and Arts of Kosovo.
During his speech, Sejko said that European integration will create new opportunities for trade, investment and institutional convergence. However, the experiences we already have from previous enlargements show that this integration can accelerate the mobility of the workforce, especially of young people and qualified workers, towards member states with more developed economies.
The Governor emphasized that in Albania, as a result of favorable exchange rate conditions and appropriate monetary policy stances, inflation remains close to the central bank's target. However, in the medium to long term, structural changes in the labor market may cause inflationary pressures.
The persistent structural labor shortage, coupled with population aging, emigration, and skills mismatches, could cause irreversible wage growth, especially if not accompanied by productivity gains. In the long run, these demographic dynamics exert pressure, limiting the capacity of monetary policy to stimulate economic activity.
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