15 Albanian Businesses a Day Shut Down Due to Rising Prices

15 Albanian Businesses a Day Shut Down Due to Rising Prices

An average of 15 Albanian business a day have closed since June 2021, due to rising prices and economic difficulties.

Data from the National Centre of Business reported that between June and December 2021, some 3,228 businesses closed. A further 924 closed from January until mid-March, translating to an average of 15 per day.

According to the head of the association of small businesses, the situation started during the pandemic and aid offered by the government was not enough to keep many small businesses afloat.

“Countries like Kosovo gave 1.9% of the GDP in aid to small businesses, while Serbia gave 4.6%, in addition to cutting local tariffs,” Albert Nasto told Euronews.

He added that the war in Ukraine leading to further increased electricity and fuel prices which in turn, is dealing the last blow to many struggling enterprises.

Nasto said there should be efforts to tackle corruption and reducing local taxes. In addition, there should be stable taxation laws as the fiscal system has changed around 80 times in the last three decades.

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