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From oil and grain, to electricity or raw materials for industry, along with the cancellation of tourism contracts... the escalation of the conflict between Israel and Iran would bring negative effects to the Albanian economy.
"Since today the world is more interconnected than ever, everything that happens in one corner is reflected in the other corner of the world," said Fation Ceka, an expert on international markets.
Fuel was the first to feel the effects. In world markets, oil increased by 10 to 13 percent. It will not be long before this trend is reflected in Albania, writes A2 CNN.
"The market disruption continues to be felt. Not as strong as at the beginning, but we are aware that we are paying more. This is as a result of the war," said Elvin Meka, an economic expert.
With rising temperatures on the one hand and a lack of rainfall on the other, Albania is increasing its imports of electricity from abroad. Market deregulation would consequently produce higher energy prices.
"With energy, it seems we have learned from our mistakes and are moving faster towards diversification. We need to move towards reducing our dependence on imports," said Fation Ceka, an expert on international markets.
This at a time when the open hearth of conflict between Russia and Ukraine continues to burn.
"Due to globalization, today even the smallest country, not to mention Ukraine, which is the largest territory in Europe, produces effects. Markets are very sensitive and their self-correction takes a long time. We will still need time to stabilize," said Elvin Meka, an economic expert. Due to the high dependence on imports, similar effects were also transmitted to Albania.
"The market disruption continues to be felt. Not as strong as at the beginning, but we are aware that we are paying more. This is as a result of the war," said Meka.
In a recent global outlook report, the World Bank warns that the escalation of current conflicts in Eastern Europe, the Russian invasion of Ukraine and the war in the Middle East could spread a strong, almost destructive, wave of price crises around the world. (A2 Television)
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