“Albania, advanced economic transformation” - BTI Index: Performs well in terms of monetary and fiscal policies
The Bertelsmann Stiftung (BTI) Index ranks Albania 23rd out of 137 countries analyzed in terms of economic development and transformation in recent years. Albania has improved compared to the BTI report for 2022.
The Bertelsmann Stiftung measures the political and economic transformation of developing and transition countries, which have moved from dictatorship to democracy and from a centralized economy to an open market economy. Out of 10 points in total, the BTI rates Albania with 7 points. Albania has performed better in terms of fiscal and monetary sustainability, and weaker in socio-economic development and environmental policies.
Specifically, regarding monetary stability, the Bertelsmann Stiftung emphasizes that the Bank of Albania has the appropriate instruments, sufficient competences and capacities to implement efficient policies. BTI also appreciates the free exchange rate regime where the value of the lek against foreign currencies is freely determined in the foreign exchange market, following the free movement of goods and capital, as well as Albania's financial transactions with its trading partners.
Property rights and related regulations are well defined by law, but problems remain with the implementation of the rule of law. However, compared to 2022, there was some progress in the past year in property registration and the digitalization of relevant procedures.
According to the Index, environmental concerns are not given sufficient attention, while existing regulations are weak and not sufficiently enforced. However, the Index praises the work to diversify renewable energy sources.
On the other hand, the institutional framework for market competition in Albania is strong, but the rules are not always consistent or the same for all market participants. The informal sector has shrunk, but remains significant, says BTI.
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