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The New Challenges for the New Economy in Albania
Albania has liberalized its economy and promoted private sector-led growth in recent years. After several ups and downs in the first decade of transition, the economy has managed to achieve macro-economic stability and a relatively high annual growth rate of over 5.5 percent since 2002. Significant progress has been made in structural reforms, especially in privatizing the small and medium sized state owned enterprises. As a result, the economy today has a private sector that accounts for over 90 percent of gross domestic product (GDP) and over 85 percent of employment. At the same time, the Government has continued its effort in legislative reforms. A large number of laws and regulations have been introduced to provide the legislative framework for the financial sector, land market, tax and customs systems, and other important components for a market-oriented economy.
Chinese Market Crumbles in Massive Meltdown and Mangling of MarketThe largest drop in the Chinese Stock Market has occurred as the market crumbled in a horrific and devastating meltdown. Former Federal Reserve Chairman Alan Greenspan warned about this a couple of weeks ago and still no one listened. The Shanghai Composite Index has been slammed into submission. It is a wonder how people actually believed that it would never go down and continue to climb forever.