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The Governor of the Bank of Albania, Gent Sejko, was present today at the presentation of the EBRD 2021-2022 Transition Report.
While considering the report an important moment of discussion and reflection on the challenges facing the economies of the region, in terms of convergence with European Union standards, Sejko stressed that holding this meeting with a physical presence conveys an important message.
“The world economy is leaving behind the worst days and the worst consequences of the pandemic it has faced over the last two years.
However, on our horizon as policymakers – but also in the daily economic life of every business and family – a new challenge has emerged. Russia’s military offensive against Ukraine and the imposed sanctions have led to a rapid rise in prices for food, oil, energy products and raw materials in international markets. “Although the uncertainty is considerable, the available information suggests that these prices will continue to remain high, at least for the remainder of 2022.” said Sejko.
Governor Sejko also stressed that Albania and the region are facing a new reality of prices and uncertainty in world markets. “As small and open economies, we can not escape the consequences of this reality. In general, the Albanian economy will face additional costs for households, businesses and public sector balance sheets, for a not short time horizon. Uncertainties for the economy have increased and these prices will continue to remain high, at least during the rest of 2022, the Bank of Albania estimates. According to Governor Sejko, inflation will remain above target for most of the next two years. “Given this, government policies need to support those in need who are most affected by rising prices.” stressed among others Sejko.
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