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Sejko talks about the situation: Balancing prices a challenge, geopolitical tensions are driving emigration
Governor Gent Sejko has spoken about the challenges of the Bank of Albania. In his speech at the presentation of the EBRD's Transition Report, he said that geopolitical conflicts and tensions inevitably lead to significant structural changes.
Sejko added that price balancing remains a challenge. He said that the current situation encourages immigration.
"Despite this picture, the challenges on transition economies are still present. The Transition Report rightly underlines that geopolitical conflicts and tensions inevitably bring significant structural changes.
First, these conflicts are accompanied by increased immigration, with long-term consequences for both host and origin countries. As a country with a rich history of immigration, Albania has experienced both its positive and negative sides. On the one hand, this phenomenon has generated foreign currency inflows and general increase of knowledge and expertise, which are necessary for the development of the country.
On the other hand, it reduces the labor force - especially in its most qualified segments - and damages long-term growth prospects. For this reason, I think better coordination is needed at the international level, to ensure that the benefits of immigration and the free movement of people are shared as fairly as possible between countries.
Secondly, geopolitical tensions are reflected in the growth of protectionism, fragmentation of production chains and reorientation of foreign direct investment flows towards friendly countries, as well as inhibition of the globalization process.
Thirdly, geopolitical tensions reduce attention to structural reforms, which have been and remain the only instrument for a faster and more stable economic growth.
Medium and long-term price stability has been and remains the priority objective of the work of the Bank of Albania. For this reason, we started early and consistently followed a process of normalization of the stance of the monetary policy", said Sejko, among other things.