ABSTRACT
Albania had the fastest-growing economy in Europe in 1993. The Albanian economy was the most backward and isolated in Europe until just over three years ago, but the ruling Democratic Party has instituted an ambitious shock therapy economic reform program that has garnered both praise and financial support from the international community. Although it is still an extremely poor country, Albania has made considerable progress on stabilizing its economy and beginning the process of transformation to a market economy. The country still suffers from massive unemployment, but inflation has fallen to one of the lowest levels in Eastern Europe and progress on economic reform has surpassed other Balkan countries. With the government maintaining a consistent reform program, the prospects for continued economic growth are favorable, especially if significant foreign investment flows into the country.
