Environmentally sustainable economic growth in Albania

• Pages: 57-66

57

Vol. 10 No. 3

November, 2024

Academic Journal of Business, Administration

Law and Social Sciences

E-ISSN 2410-8693

ISSN 2410-3918

Environmentally sustainable economic growth in Albania

Evis Kumi

Tirana Metropolitan University, Albania

DOI: hps://doi.org/10.2478/ajbals-2024-0020

Abstract

While Albania has experienced signicant economic growth, it has also faced environmental

degradation and social inequality. The article reviews important policies and strategies

that Albania has implemented to achieve key transitions around energy, food and digital

connectivity, underpinned by expanded access to social protection and decent jobs, and

education and skills for the future, which are essential for rewiring the economy to combat

another crisis and to reduce inequalities within Albania. Achieving these objectives requires

not only strengthened institutions and policy frameworks but also improving key sectors like

energy, agriculture, tourism, waste management, and urban development. These issues oer

both opportunities and challenges for green growth.

The 21st century has brought about various environmental and social challenges, leading

to the emergence of the concept of the “green economy.” A green economy aims to reduce

environmental risks and ecological scarcity while promoting social justice and improving

human well-being. This article explores Albania’s potential to achieve sustainable development

through the adoption of an environment friendly economy.

The scope of this work is to oer suggestions to accelerate Albania’s move towards a sustainable

economy, including the enhancement of governance frameworks to tackle issues such as

climate change and biodiversity loss. Moreover, to encourage the growth of ecotourism and

the development of a circular bioeconomy, to address the skills gap faced particularly in the

areas of innovation and digitalization, to support the value chains SMEs, promoting decent

jobs and inclusive employment opportunities.

Keywords: Environmental protection, green economy, sustainable development, circular

economy, nancial resources.

1. Introduction

The economic turmoil caused by the 2019 earthquake and the COVID-19 pandemic

have signicantly impacted Albania. Once the current health crisis subsides, Albania

will need to refocus on its long-term economic objectives, which include establishing

Research Article

© 2024 Evis Kumi

This is an open access article licensed under the Creative Commons

Attribution-NonCommercial 4.0 International License

(https://creativecommons.org/licenses/by-nc/4.0/)