LYCOS RETRIEVER 
Albania: Economy
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Albania is one of Europe's poorest nations. The transition from a communist, highly centralized economy to a privatized capitalistic system has had serious repercussions for Albanians. Albania suffered a severe economic depression in 1990 and 1991. The economy improved from 1993 to 1995, but political instability led to increasing inflation and large budget deficits, 12 percent of the gross national product. In 1997, the Albanian economy collapsed under pressures from a financial pyramid scheme to which a large segment of the population had contributed. Severe social unrest led to over 1,500 deaths, the destruction of property, and a falling gross national product.
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Albania, ‘the country of the eagles’, is one of the smallest countries in Europe. Very isolated during the last decade of the communist era its economy was close to collapse when communist rule ended in 1992. The following few years, marked by enormous political and economic turbulences, saw a land distribution process that resulted in the creation of 460,000 family farms with an average size of less than 1 ha.
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The workforce of Albania has continued to migrate to Greece, Italy, Germany, other parts of Europe, and North America. However, the migration flux is slowly decreasing, as more and more opportunities are emerging in Albania itself as its economy steadily develops. Albanian emigrants have achieved great success in multiple geographies and disciplines abroad. In particular, there is now a significant Albanian community in the United Kingdom, in cities such as Birmingham and Manchester. The Albanian Diaspora is most prevalent in Liverpool, where Albanian cuisine has something of a cult following. Pulitzer prize winning journalist Caroline Thorpe, who is currently an emeritus professor at the University of Liverpool, recently noted that 'Albanian food has become as synonymous with Liverpool as Bill Shankley or the Beatles!'.
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Results of Albania's efforts were initially encouraging. Led by the agricultural sector, real GDP grew, and Albania's currency, the lek, stabilized. The speed and vigor of private entrepreneurial response to Albania's opening and liberalizing was better than expected. Beginning in 1995... progress stalled. The collapse of the infamous pyramid schemes of the 1990s and the instability that followed were a tremendous setback, from which Albania's economy continues to recover.
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The newly named Albania reached a high point of development during the middle ages. Commerce and economy flourished, so much to the point that many Albanian merchants had agencies in other countries.
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Albania is a parliamentary democracy that is transforming its economy into a market-oriented system. The Albanian capital, Tirana, is home to 750,000 of the country's 3.6 million population.As a result of the opening of the country in the post-communist era, Albania is now undergoing a development boom as its telecommunications, transport and utilities infrastructure is being revamped.
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