The economy is facing a strong recession in2020 due to the Covid-19 outbreak. The main channels of influence are tourism, trade with Italy and remittances from Albania’s workers abroad, which are all being hit severely.
The government has adopted economic support packages. The packages consisted mainly of increased government expenditures, sovereign guarantees and one-off social transfers.
A contract for a large-scale solar park has been signed. Besides helping the countryin improving the energy mix by diversifying away from hydropower, the Karavasta solar park will also be the largest in the Western Balkans. In addition, Albania secured the lowest solar energy price in the region through a competitive capacity allocation process.