Kosovo, Albania with biggest growth in region, according to IMF

The International Monetary Fund has significantly reduced the forecast for economic growth in Albania this year.

In spring projections, The IMF estimates that the Albanian economy will grow by 3.7% in 2019, in significant slowdown by 2018, where growth is estimated at 4.2%.

According to the Statistics Institute, in 2018, according to preliminary estimates, the country's economy grew by 4.06%. In this way, the Albanian economy has followed the same trend with the global economy, especially with the European economy, ScanTV reports.

Thus, the International Monetary Fund joins the World Bank, which a few weeks ago declared it forecasts an increase of 3.8% for our economy this year. While the Albanian government has shown much more optimistic, envisioning an expansion of 4.3%, during 2019.

Meanwhile, compared to the October report, the IMF has increased its assessment of the economy in Albania for 2018, from 4 to 4.2%. For the next two years -- 2020 and 2021 -- the Washington-based institution envisions an economic growth of 3.9% and 4%, respectively.

Also, the International Monetary Fund estimates that inflation will result in 2.2% for 2019 and 2.6% for 2020.

In countries of the region, the largest increase in 2019 is expected to register Kosovo, with 4.2%, later Albania with 3.7%, Serbia with 3.5%, Bosnia with 3.1%, North Macedonia with 3% and Montenegro with 2.8%.

Meanwhile, the Eurozone, which is Albania's main trading partner, slowed down more than expected, according to the IMF, as a result of weakening consumer and business confidence, uncertainty about fiscal policies, slow investment, especially in Italy, protests in France and Brex uncertainty. The common currency area is expected to grow by 1.3% in 2019.