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Tensions between Russia and Ukraine have caused panic in the markets. It seems that the Albanian economy will not escape the blow either, which according to the expert Majlind Lazimi will be direct and indirect.
According to him, the high dependence on the import of cereals, especially hydrocarbons from these two countries, is expected to lead to higher prices in the domestic market, increasing inflationary pressures and further increasing costs for citizens.
“First we import almost half of the wheat and cereals from Russia and Ukraine as well as a good part of hydrocarbons, oil and gas. In this sense, the main effect will be on these 2-3 basic products. “Indirectly, given that there is panic in global markets, everything that has to do with global supply will have a strong impact on rising energy and transportation prices.”
An escalation of the situation explains Lazimi will force businesses that have already announced price increases to find new import markets. The government adds that it should take measures to maintain price stability to avoid abuses, as well as to review the amount of reserves.
“Perhaps the possibility should be seen why not for a temporary customs and fiscal regime easing for businesses in these sectors that are affected and this would make the amortization of prices in the growth of international markets not to burden the pockets of Albanian citizens. The government should have a plan of measures to increase state food reserves and increase hydrocarbon reserves. It remains to be seen whether the energy reserve will increase, why not in 6 months. “
Although the country has a low trade volume with these two countries, we import basic materials from them. Instat data show that last year, the value of imported goods from Ukraine and Russia reached about 156 million euros.
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