Prishtina, 14 May, 2023
In a communique issued earlier this week, the Executive Board of Directors of the World Bank Group said that they support Kosovo in accelerating its competitiveness to create jobs and a higher standard of living.
According to the World Bank, within the last 10 years, Kosovo has recorded steady economic progress, with an increase of nearly 50% in income per capita and a 35% reduction in the poverty rate, performing better than countries with similar incomes.
The Director of the World Bank for the Western Balkans, Xiaoqing Yu, has stated that Kosovo can benefit from the reorientation of the Economy towards production and export, increasing better quality employment for all and ensuring sustainable development that protects the environment and future generations.
Last year, Kosovo recorded the highest ever value of exports, around 920 million euros. Meanwhile, this year the export value is expected to exceed 1 billion euros for the first time. As a result, the export-import ratio has marked a significant improvement in recent years. From 1 to 9 as it was in 2019, to less than 1 to 6 as it is currently.
The same institution, last month, published the regular economic report for the Western Balkans, in which it predicts that Kosovo will have the highest economic growth in the Western Balkans in the next three years; 2023, 2024 and 2025.
World Bank media release link: https://www.worldbank.org/en/news/press-release/2023/05/09/world-bank-group-s-new-strategy-in-kosovo-supports-competitiveness-for-higher-job-creation-and-living-standards
Link to the World Bank’s Regular Economic Report for the Western Balkans: https://documents1.worldbank.org/curated/en/099042023104012719/pdf/P179478085f70601a0aac3035c4560691ca.pdf
Last modified: May 15, 2023