External Trade
However, reforms are constrained by limited administrative capacity and low-income levels, which make the population particularly vulnerable to unemployment, price fluctuation, and other variables that negatively affect income. The economy continues to be bolstered by remittances of some 20% of the labour force that works abroad, mostly in Greece and Italy. These remittances supplement GDP and help offset the large foreign trade deficit. Most agricultural land was privatized in 1992, substantially improving peasant incomes. In 1998, Albania recovered the 8% drop in GDP of 1997 and pushed ahead by 7% in 1999. International aid has helped defray the high costs of receiving and returning refugees from the Kosovo conflict. Large-scale investment from outside is still hampered by poor infrastructure; lack of a fully functional banking system; untested or incompletely developed investment, tax, and contract laws; and an enduring mentality that discourages initiative.
Read more about this topic: Economy Of Albania
Famous quotes containing the words external and/or trade:
“The law is only one of several imperfect and more or less external ways of defending what is better in life against what is worse. By itself, the law can never create anything better.... Establishing respect for the law does not automatically ensure a better life for that, after all, is a job for people and not for laws and institutions.”
—Václav Havel (b. 1936)
“The very hirelings of the press, whose trade it is to buoy up the spirits of the people ... have uttered falsehoods so long, they have played off so many tricks, that their budget seems, at last, to be quite empty.”
—William Cobbett (17621835)