Assessment of Firms' Financial Resilience against Pandemic and Disaster Shocks in Albania
Over the period 2019–21, Albania had to confront dual shocks: the 2019 earthquake and the COVID-19 pandemic. Both had sizable impacts on the country’s economy. The COVID-19 pandemic took a heavy toll on an economy already affected by the earthquake...
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| Format: | Report |
| Language: | English |
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Washington, DC
2022
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| Online Access: | http://documents.worldbank.org/curated/en/099320004012219725/P17481107a14b00b6084e90f6663d56cade http://hdl.handle.net/10986/37258 |
| Summary: | Over the period 2019–21, Albania had
to confront dual shocks: the 2019 earthquake and the
COVID-19 pandemic. Both had sizable impacts on the country’s
economy. The COVID-19 pandemic took a heavy toll on an
economy already affected by the earthquake in 2019. Key
sectors were put in lockdown in the second quarter of 2020,
and the economy suffered a severe contraction of -10.6
percent in gross domestic product (GDP). The pandemic hit
the travel, tourism, and other services sectors first; then
mobility restrictions and post-COVID-19 behavior changes
affected firms’ supply and demand. Given the structure of
the economy, the associated loss in sales and profits had a
disproportionate effect on small and medium enterprises |
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