The Balkan countries will fall in recession during 2020 due to the coronavirus crisis, with Albanian economy expected to shrink more than the others, with a 9% drop in the Gross Domestic Product (GDP), according to the latest report of the European Bank for Reconstruction and Development (EBRD).

“The Albanian economy will be hit hard due to its dependence on tourism and sewing industry, both hit by the pandemic. EBRD expects the Albanian economy to start healing next year.

"Recovery will depend on the gradual relaxation of restrictive measures to curb the virus and return to

normalcy during the second half of the year", the report said, noting that the forecasts are affected by

unprecedented uncertainty.

Chief economist Beata Javorcik says that as the world gradually emerges from the crisis, co-operation

remains key to economic strengthening.

"The crisis has been a huge blow and exit from it remains just as challenging. This is not the time to

engage in nationalism and economic protectionism, but it is the time to build a brighter future through

a commitment to free trade and economic cooperation," she said.

The European Bank for Reconstruction and Development report says that the decline in Gross

Domestic Product will have a modest impact on the long-term period of economic activity, while

growth will gradually return in the third quarter. This blow will have a long-term political and social

impact.

"If physical distancing measures remain in place for a longer period than expected, the recession will

be deeper," the report added.