Since the fall of communism in 1990, Albania has launched economic programs towards a more open-market economy. The democratically elected government that assumed office in April 1992 launched an ambitious economic reform program to halt economic deterioration and put the country on the path toward a market economy.

Fishing in Albania

Key elements included price and exchange system liberalisation, fiscal consolidation, monetary restraint, and a firm income policy. These were complemented by a comprehensive package of structural reforms, including privatisation, enterprise, and financial sector reform, and creation of the legal framework for a market economy and private sector activity. Most prices were liberalised and are now approaching levels typical of the region. Most agriculture, state housing, and small industry were privatised, along with transportation, services, and small and medium-sized enterprises.

After severe economic contraction following 1989, the economy slowly rebounded, finally surpassing its 1989 levels by the end of the 1990s. GDP per capita. Since prices have also risen, however, economic hardship has continued for much of the population. In 1995, Albania began privatizing large state enterprises. Since 2000, Albania has experienced a more rapid expansion of its economy.

Tirana - capital city

Following the signing of the Stabilisation and Association Agreement in June/July 2006, EU ministers urged Albania to push ahead with reforms, focusing on press freedom, property rights, institution building, respect for ethnic minorities and observing international standards in municipal elections.

Albania’s coastline on the Ionian Sea, especially near the Greek tourist island of Corfu, is becoming increasingly popular with tourists due to its relatively unspoiled nature and its beaches. The tourism industry is growing rapidly.