Albania Country Economic Memorandum : Background Note on Supporting an Adaptive and Resilient Labor Force
This background note is one of several analytical contributions to the 2021 Albania country economic memorandum (CEM). The CEM is a World Bank flagship report that aims to help Albania identify next steps in its structural reform agenda. As set out...
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| Language: | English |
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World Bank, Washington, DC
2022
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| Online Access: | http://documents.worldbank.org/curated/en/099845001312217227/P1752090acdb7604a0918d0aa310774d0ea http://hdl.handle.net/10986/36926 |
| Summary: | This background note is one of
several analytical contributions to the 2021 Albania country
economic memorandum (CEM). The CEM is a World Bank flagship
report that aims to help Albania identify next steps in its
structural reform agenda. As set out in the CEM, Albania
needs to refocus attention on the pre-crisis reform agenda
and accelerate its long-term economic growth rate, including
by spurring productivity growth, building human capital, and
supporting investment. On the labor supply side, this means
investing in people and supporting workers in their
transitions towards better employment. On the labor demand
side, this means supporting firm productivity growth and the
creation of better job opportunities. Beyond higher economic
growth rates per se, however, the quality of the development
model needs to strengthen. Through more green, resilient and
inclusive development (GRID), Albania can ensure that growth
gains will be more sustainable. Finally, the CEM highlights
the need for Albania to rebuild its public finances. The
Coronavirus disease 2019 (COVID-19) crisis has driven public
debt to new heights. Upgrading Albania’s growth model -
including implementing many of the reforms presented in the
CEM - will require further spending. In this context,
increasing the fiscal space available to Albania needs to be
a priority. |
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