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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Albania's GDP Growth Trends (1981–2023)
Albania's GDP growth has fluctuated significantly from 1981 to 2023, shaped by the country's political and economic transformations. After the transition from a socialist to a market economy in the early 1990s, Albania's GDP declined sharply, with a notable 28% contraction in 1991, reflecting the country’s struggles during its transition to a market economy. However, recovery soon followed. By 1993, Albania posted a 9.6% growth rate, signaling the initial success of reforms.
Throughout the 2000s, Albania maintained a relatively steady growth trajectory, with annual GDP growth rates often surpassing 5%. Despite the global financial crisis, Albania's economy proved resilient, with only a slight slowdown.
In 2020, Albania’s economy faced a 3.3% contraction due to the global COVID-19 pandemic. However, it rebounded quickly in 2021 with an impressive 8.9% growth rate. In 2023, the economy stabilized with a moderate growth rate of 3.4%, reflecting a cautious but steady recovery.
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