Unemployment and low wages are the main problem of the Albanian economy, says Governor Sejko

Speech of Governor Sejko at the press conference on monetary policy decision-making, August 4, 2021

 The economy is returning to normal, reflecting the mitigation of the effects of COVID-19. The Governor of the Bank of Albania, Gent Sejko said that the easing of measures and vaccination have had a somewhat more positive effect on this performance.

But, Sejko stressed that the problem remains the level of unemployment resulting in 11.9% and the level of wages.

"The labor market has shown a sluggish performance in the first quarter. "The level of employment continues to remain below that recorded before the pandemic, the unemployment rate rose to 11.9%, while market pressures to increase wages are still weak," said the Governor.

According to INSTAT data, the Albanian economy grew by 5.5% during the first quarter of 2021.