For expatriates looking for investing in Albania in 2024, Albania stands out as a promising choice for living, working or investing. The recent upgrade of Albania’s sovereign credit ratings by S&P Global Ratings to ‘BB-‘ from ‘B+’ and a stable outlook signal positive developments in the country’s fiscal and external positions, making 2024 a great time for individuals considering Albania as their next destination.
Economic Growth and Stability
Albania’s economic landscape has witnessed significant improvements, particularly fueled by a surge in tourist arrivals, which has led to a remarkable increase in services exports by nearly 15% points of GDP from 2019 to 2023. This boost in tourism is projected to further uplift the economy by 3.4% in 2024. The government’s commitment to fiscal management aims to stabilise net general government debt at an average of 51% of GDP from 2024 to 2027, promoting an environment that will encourage long-lasting economic growth.
S&P Global Ratings’ upgrade of Albania’s credit ratings highlights the country’s ability to overcome various challenges like natural disasters, the pandemic, and geopolitical tensions. Despite these factors, Albania’s economy has steadily grown by an average of 5.8% each year for the past three years.
Investment and Business Opportunities
For foreign investors considering Albania as a potential destination, the stable outlook points to balanced risks in the economic, external and fiscal areas. The country’s improving fiscal situation, coupled with a stronger external balance sheet, offers opportunities in a variety of sectors. The tourism industry, in particular, stands out as an promising sector for investment.
Moreover, Albania’s bid to join the European Union (EU) underscores its commitment to institutional reforms and economic integration, creating a favorable business environment for investors. Incremental steps towards EU membership, forecasted until 2030, are expected to enhance Albania’s institutional framework and unlock new growth opportunities.
Living and Working in Albania
For foreign expatriates considering relocation to Albania, the country offers a blend of economic opportunities, cultural richness, and a good quality of life.
The tight labor market presents both challenges and opportunities for foreign professionals. While emigration and an aging population contribute to labor shortages, they also create demand for skilled expatriates across various industries. With average real wage growth surpassing 12% and unemployment reaching a new low of 10.5%, Albania offers competitive salaries and favorable working conditions for skilled workers.
Albania’s economy is expected to grow by around 3.5% annually in the coming years. Yet, it’s important for expats considering a move to Albania to carefully weigh potential risks, such as labor market conditions and external economic vulnerabilities.
Considering to Invest in Albania?
We are here to help you with everything you may need. We collaborate with the best experts working on real estate, consulting, immigration lawyers, and more to help you get to Albania safely and smoothly.
