The Albanian Miracle
Once the "North Korea of Europe," Albania now boasts an income level that is 25% that of Germany, double-digit export growth, and a strengthening currency. This suggests that the economists and multilateral institutions now being blamed for all sorts of disappointing outcomes may not be entirely useless after all.
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TIRANA – Five years ago, Albania faced a truly ominous situation. With Greece and Italy reeling from the euro crisis, remittances and capital inflows were falling and the economy suffered a severe slowdown. The fiscal deficit ballooned to over 7% of GDP, financed to a large extent by arrears, as access to external financial markets had collapsed and domestic interest rates were sky high.