(ANSA) - BELGRADE, 27 NOV - "With per capita income at a quarter of the EU average, much stronger growth is needed" in Albania, the International Monetary Fund (IMF) stated at the conclusion of a mission in the country.

Growth in Albania is expected to recover from 3% in 2019 to 3.5% in 2020 and 3.7% in the near future, a good rate but "too low for tangible convergence with living standards in the EU," the IMF noted.

Albania "maintained economic stability," but growth has fallen in 2019 mainly due to "lower electricity production," with looming risks from "slowdown in key partner countries and heightened political uncertainty," the IMF said. The Fund added that "weaknesses in Albania's infrastructure and economic institutions impede a broad and sustained improvement in living standards. Better governance can help attract investment, reduce emigration, and limit crisis risks." The IMF suggested to Tirana to "create more room for pro-growth government spending," in particular by "removing complexities and distortions from the tax system and improving revenue administration." Moreover, Albania should also improve the management of public investments, reduce the fiscal deficit and continue on the path of reforming the financial sector, "to foster credit growth, accelerate financial inclusion, and maintain financial stability." (ANSA).