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Sejko: The Albanian economy is going through a phase of sectoral reorientation, it is exerting pressure on the labor markets

2023-12-04 14:33:49Biznes SHKRUAR NGA REDAKSIA VOX

Sejko: The Albanian economy is going through a phase of sectoral reorientation,

The Albanian economy is going through a phase of sectoral reorientation that has improved economic growth, but at the same time it is posing new challenges.

The governor of the Bank of Albania, Gent Sejko, said today at the opening of the Economic Research Workshop for Southeast Europe, organized by the Bank of Albania, that this process is accelerating economic growth and improving the external position, but on the other hand exerts on the labor markets and is disturbing the balances established over the years.

“Our societies, economies and financial systems are under pressure from various sources: wars, growing geopolitical tensions, demographic changes, escalating extreme climate events, artificial intelligence and the digitization of finance and money.

These challenges have caused negative consequences in production and supply chains, have affected labor markets and have prompted structural changes that have affected productivity, costs, price stability, as well as overall macroeconomic and financial stability. In Albania, these events are reshaping the economy's orientation and sectoral focus, promoting growth in some areas, while gradually replacing the weight of some traditional sectors. The result of this transition is accelerated economic activity, an improved position of the external sector and increased sustainability. However, this transition also puts pressure on labor markets already affected by immigration. These changes permeate the economy, disturbing the established balances and prompting adjustments in the nominal indicators," said Sejko.

The governor said that at this moment the central banks are facing the challenge to normalize the monetary policy and their balance sheets, in accordance with the pre-crisis positions, without threatening economic growth and financial stability. He emphasized that central banks have begun to understand that their objectives and the long-term sustainability of the policies they follow include multiple dimensions and extend beyond price stability to align with the objectives of sustainable development. According to him, the role of the central bank in achieving these objectives - whether directly or indirectly, through monetary policy and financial regulation, education and financial inclusion - is more vital than ever, not only for society, but also for the bank itself. central and the success of its policies.

"We have launched the implementation of two important strategies, which support the achievement of sustainable development objectives - the climate strategy and that of education and financial inclusion - and at the same time we are developing a new approach with a focus on digitalization. These initiatives have supported and benefited from the Bank of Albania's scientific research in the fields of climate change, education and financial inclusion of individuals and the private sector. The digitization of finance and money is fundamentally transforming the economic and financial landscape, changing public perceptions and behaviors towards monetary and financial decisions. This radical change requires new approaches to analysis, decision-making and communication with the public, especially in the face of the unknowns that come from ever-evolving technologies. Consequently, I encourage you to deepen your studies on these critical issues,” the Governor said.


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