June 15 (SeeNews) - Albania can help create jobs and facilitate growth by strengthening investments in the private sector, especially in the agricultural and tourism sectors, and supporting the development of the auto-parts industry, the World Bank said on Wednesday.
The private sector is vital to expanding the country’s economic base, promoting faster and more diversified export-oriented growth, the World Bank said in a press release quoting the findings of the Albania Country Private Sector Diagnostic Report prepared together with the International Finance Corporation (IFC).
Despite being the engine of the country's economic development, the private sector in Albania faces serious challenges such as limited access to finance, low levels of firm technology upgrades, skills shortage and infrastructure gaps, the global lender said.
“In this turbulent time, fostering a robust and sustainable recovery will require a more productive and resilient private sector,” Emanuel Salinas, World Bank country manager for Albania, said in the statement.
Furthermore, Albania can achieve resilient and more sustainable growth by strengthening trade integration with the global economy, as well as the European Union, the World Bank said.
The country heavily relies on undiversified set of exports, which exposes the economy to changing external conditions, the report notes.