World Bank: Albania Needs 20 Years to Join the Group of Wealthy Nations

Albania will need at least 20 years to join the group of high-income countries, according to the World Bank’s latest regional report, which covers 11 countries from Central Asia to Eastern Europe.
The report states that Albania’s per capita income was around $8,500 in 2023.

However, to move into the high-income category, this figure needs to surpass the threshold of $14,000, and according to projections, it will take Albania at least two decades to achieve this.

In the World Bank’s classification, countries are divided into four income groups: low, lower-middle, upper-middle, and high income.
Albania is currently in the upper-middle income group, which includes countries with a per capita income ranging from $4,500 to $14,000 per year.

When moving beyond income levels and considering quality of life standards, the path toward European living standards appears even longer.
According to the EBRD, it may take Albania over 50 years to meet the living conditions currently enjoyed by countries within the European Union.

Serbia, Montenegro, and Bosnia and Herzegovina are closer to reaching this goal, with an estimated timeline of 10 to 18 years to bridge the gap.

The report highlights that Western Balkan countries, including Albania, face major challenges in overcoming the economic gap with more developed nations.

Difficulties in the economic system, the lingering effects of the pandemic, and a slower-than-potential growth rate are some of the main reasons, according to the World Bank, that hinder Albania and other countries in the region from moving faster toward prosperity and sustainable development.

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