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S&P Global Rating: Albania Ranked Among Most Vulnerable Countries to a COVID-19-Related Slowdown in Tourism

Politiko 2 Prill 2020, 14:37
S&P Global Rating: Albania Ranked Among Most Vulnerable Countries to a

Albania is likely to suffer significant losses in the tourism sector due to the COVID-19 pandemic, according to Standard &Poor’s Global Rating’s Stress Scenario. The analysis, based on three scenarios from limited and extensive to the extreme, ranks Albania among the 15 countries which would suffer the biggest shock in tourism as a result of the pandemic, such as Aruba, the Bahamas, Barbados, Cape Verde, and Fiji.

Albania would experience the most significant deterioration in terms of external indebtedness, after Cape Verde and Montenegro, facing a worsening of the ratio by at least 10 percentage points. Based on the S&P analysis, Democratic Party official Jorida Tabaku said that the economy is at risk, calling for a larger financial support package for businesses and the suspension of tenders unrelated to the COVID-19 crisis.  

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