Albania could see economic boost with rise of tourism, analyst says
Some experts looking at the economic future of Albania feel that better accommodation of the country's travel and tourism industries could mean substantial improvements in the national economy and a path toward more vibrant markets.
“Albania is blessed with all the tools to entice tourists and become an important tourism destination," Kunal Dave, assistant manager of Investment Research & Analytics at global research firm Aranca, told Balkan Business Wire. "The country has stunning mountain ranges, a thriving and bustling capital and pristine beaches which could give their more famous Mediterranean rivals a run for their money."
Dave also mentioned the rich cultural heritage of the small Balkan nation.
In recent years, he said, citing a World Economics Forum (WEF) 2017 report on travel and tourism competitiveness, Albania has been improving quickly in terms of tourism growth.
“This is also reflected in tourist arrivals, which have grown at double-digits over the past few years, helping Albania emerge as one of the fastest-growing tourism destinations,” Dave, who has close to eight years of equity research and investment banking experience across global markets, said.
Dave also talked about how Albania is just now “taking steps towards realizing its full tourism potential." Easing entry barriers helps promote tourism, and a cut in VAT tax on hospitality's businesses is a sign that Albania’s government is ready to pitch in and help, he said.
“While the sector’s present is encouraging, the future, we believe, is exciting,” Dave said, suggesting tourism could become over 10 percent of GDP by 2027. “Government support, along with its inherent advantages of natural beauty and rich history should ensure that the country, as a tourist destination, is well on its way from anonymity to visibility; finally realize its potential of emerging as the destination of choice for travelers who are keen to get off of the beaten tourist track.”
A blog post on April 20 by Vesna Damjanovska also cites the WEF report and suggests better days for Albanian travel are on the way.
“The biannual report measures a set of factors and policies that enable the sustainable development of the travel and tourism sector, which in turn, contributes to the development and competitiveness of a country.” Damjanovska wrote.
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