Zeszyt naukowy - całość - Wydział ZarzÄ dzania i Ekonomiki Usług

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Kreshnik Bello, Arlinda Hoti, Jonida Kellezi
Figure 1. Real growth and inflation (%)
Source: INSTAT Albania.
The global financial crisis has reduced the Albanian citizens' trust to the commercial
banks, even though the domestic banking sector has remained largely insulated
from the crisis.
Although bank deposits dropped by 10% since September 2008, the withdrawals
have diminished recently and the deposits have been stabilized during the
second quarter of 2009.
Lower liquidity has forced commercial banks to tighten the lending procedures.
In February 2009, the growth rate of loans dropped to 29% from 35% in
2008. In general, the banking sector remains viable and able to further finance the
economy, as the ratio of loans to deposits, approximately 65%, is still low compared
to the western standards. In recent years the Albanian economy has improved,
and infrastructure development and major reforms in areas such as tax collection,
property laws, and business climate, are proceeding well. The government has invested
heavily in road construction over the last three years, and the country now
has a new, modern highway along its entire coastline, from Shkoder in the north to
the southern resort city of Sarande. In addition, the completion of the 170-kilometer
Durres-Kukes highway in the fall 2009 provided a major transportation corridor
connecting markets in the central Balkans through Kosovo to the port of Durres.
During 2004–2008, Albania experienced an average of 6% annual GDP growth.
Fiscal and monetary discipline has kept inflation relatively low, averaging roughly
2,9% per year during 2006–2008. In 2008, the inflation increased to 3,4%, still
within the target range set by the Bank of Albania. Albania's public debt reached
55,9% of GDP in 2008, and the growing trade deficit was estimated at 26% of GDP
in 2008 2 .
2
Ibidem.