Page 128 - SE Outlook Regions 2024

anticipated to be manufactured at the Renault plant in Novo Mesto, Slovenia.
6.0 Budget and debt outlook 6.1 Budget and debt - Albania
The Albanian government approved the draft budget for 2024 on October 27, with public expenditures planned at over €7bn for next year. The budget anticipates a deficit equal to 2.5% of GDP, Finance Minister Ervin Mete said.
The budget is based on forecast economic growth of 3.8% in 2024. Mete highlighted Albania’s robust economic performance, noting that the economy was recently described by the IMF as one of the most resilient in the region.
Mete said Tirana’s aims are to bolster economic growth, fortify social welfare and position Albania as a regional economic powerhouse.
Among the specific steps envisaged in the 2024 budget is to allocate one-third of the general public expenditure for pensions, economic assistance, disability payments, unemployment benefits and social aid.
The plan includes ALL11bn to raise the salaries of essential workers such as doctors, nurses, teachers and law enforcement personnel.
National and local infrastructure improvements are another focus of the budget, catering to the escalating demands of the fast-growing tourism sector.
A total of ALL5.4bn will be allocated for civil emergencies in the 2024 budget, an increase of ALL1bn compared to 2023.
The boost in funding comes in response to the escalating frequency of natural disasters, accompanied by a rising risk factor. Albania, similarly to other Southeast European countries, has experienced an increase in disasters such as wildfires and floods, linked to climate change.
128 SE Outlook 2024 www.intellinews.com