Albania, officially the Republic of Albania, is a country in Southeast Europe. It is in the Balkans, on the Adriatic and Ionian Seas within the Mediterranean Sea, and shares land borders with Montenegro to the northwest, Kosovo to the northeast, North Macedonia to the east and Greece to the south. With an area of 28,748 km2 (11,100 sq mi), it has a varied range of climatic, geological, hydrological and morphological conditions. Albania's landscapes range from rugged snow-capped mountains in the Albanian Alps and the Korab, Skanderbeg, Pindus and Ceraunian Mountains, to fertile lowland plains extending from the Adriatic and Ionian seacoasts. Tirana is the capital and largest city in the country, followed by Durrës, Vlorë, and Shkodër.
The Balkans, corresponding partially with the Balkan Peninsula, is a geographical area in southeastern Europe with various geographical and historical definitions. The region takes its name from the Balkan Mountains that stretch throughout the whole of Bulgaria. The Balkan Peninsula is bordered by the Adriatic Sea in the northwest, the Ionian Sea in the southwest, the Aegean Sea in the south, the Turkish straits in the east, and the Black Sea in the northeast. The northern border of the peninsula is variously defined. The highest point of the Balkans is Musala, 2,925 metres (9,596 ft), in the Rila mountain range, Bulgaria.
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world."
Kosovo, officially the Republic of Kosovo, is a country in Southeast Europe with partial diplomatic recognition. Kosovo lies landlocked in the centre of the Balkans, bordered by Serbia to the north and east, North Macedonia to the southeast, Albania to the southwest, and Montenegro to the west. Most of central Kosovo sits on the plains of Metohija and the Kosovo field. The Accursed Mountains and Šar Mountains rise in the southwest and southeast, respectively. Kosovo's capital and largest city is Pristina.
The economy of North Macedonia has become more liberalized, with an improved business environment, since its independence from Yugoslavia in 1991, which deprived the country of its key protected markets and the large transfer payments from Belgrade. Prior to independence, North Macedonia was Yugoslavia's poorest republic. An absence of infrastructure, United Nations sanctions on its largest market, and a Greek economic embargo hindered economic growth until 1996.
The economy of Albania went through a process of transition from a centralized economy to a market-based economy on the principles of the free market.
Prizren is the second most populous city and municipality of Kosovo and seat of the eponymous municipality and district. It is located on the banks of the Prizren River between the foothills of the Sharr Mountains in southern Kosovo. Prizren experiences an oceanic climate under the influence of the surrounding mountains.
The Central European Free Trade Agreement (CEFTA) is an international trade agreement between countries mostly located in Southeastern Europe. Founded by representatives of Poland, Hungary and Czechoslovakia, CEFTA in 2006 expanded to Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Moldova, Montenegro, North Macedonia, Romania, Serbia, Slovenia and Republic of Kosovo [the UNMIK ].
The economy of Europe comprises about 748 million people in 50 countries.
The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the second largest economy in the world in nominal terms, after the United States, and the third largest at purchasing power parity (PPP), after China and the US. The European Union's GDP is estimated to be $19.35 trillion (nominal) in 2024 or $26.64 trillion (PPP), representing around one-sixth of the global economy. Germany has the biggest national GDP of all EU countries, followed by France and Italy. In 2022, the social welfare expenditure of the European Union (EU) as a whole was 19.5% of its GDP.
Intesa Sanpaolo Bank Albania was created in 2008 from the merger of two of the country's most important banks: Banca Italo-Albanese and the American Bank of Albania, both acquired from Intesa Sanpaolo Group.
Kosovo is a developing country with an economy that functions on the principles of the free market, with a large private sector. Kosovo is an upper-middle income economy according to the World Bank, and is a member of the World Bank and the International Monetary Fund. Its official currency is the euro.
Foreign relations of Kosovo are accomplished by efforts of the Ministry of Foreign Affairs of Kosovo. Kosovo operates 33 embassies abroad and is host to 22 embassies in Pristina. Kosovo has membership in several international organisations.
International governments are divided on the issue of recognition of the independence of Kosovo from Serbia, which was declared in 2008. The Government of Serbia does not diplomatically recognise Kosovo as a sovereign state, although the two countries have enjoyed normalised economic relations since 2020 and have agreed not to try to interfere with the other's accession to the European Union.
The Central Bank of Kosovo is the central bank of Kosovo. It was founded in June 2008, the same year Kosovo declared its independence from Serbia, with the approval of Law No. 03/L-074 on the Central Bank of the Republic of Kosovo by the Kosovo Assembly. Before being established as the Central Bank of Kosovo, it operated as the Central Banking Authority of Kosovo. The official currency in Kosovo is the Euro, which was unilaterally adopted by the United Nations administration for Kosovo in 2002; however, Kosovo is not a member of the Eurozone. The headquarters of the CBK are located in the capital of Kosovo, Pristina.
North Macedonia, officially the Republic of North Macedonia, is a landlocked country in Southeast Europe. It shares land borders with Greece to the south, Albania to the west, Bulgaria to the east, Kosovo to the northwest and Serbia to the north. It constitutes approximately the northern third of the larger geographical region of Macedonia. Skopje, the capital and largest city, is home to a quarter of the country's population of 1.83 million. The majority of the residents are ethnic Macedonians, a South Slavic people. Albanians form a significant minority at around 25%, followed by Turks, Roma, Serbs, Bosniaks, Aromanians and a few other minorities.
Fatmir Besimi is a Macedonian politician and economist of Albanian ethnicity. He currently served for Minister of Finance in North Macedonia, He also served twice as Minister of Economy then Minister of Defence and after that he was Deputy Prime Minister of the Government of the Republic of Macedonia in charge of European Affairs. In 2010 he was selected as one of the top European Ministers in the group of Young Global Leaders by World Economic Forum.
The Kosovo Agency of Statistics monitors various demographic features of the population of Kosovo, such as population density, ethnicity, education level, health of the populace, economic status, religious affiliations and other aspects of the population. Censuses, normally conducted at ten-year intervals, record the demographic characteristics of the population. According to the first census conducted after the 2008 declaration of independence in 2011, the permanent population of Kosovo had reached 1,810,366. A 2024 CIA estimate put Kosovo's population at 1,977,093. The latest census started on 5th of April 2024 and according to the preliminary results, the Republic of Kosovo has 1,586,659 inhabitants, of which 795,046 are men (50.1%) and 791,614 are women (49.9%).
Union Bank was established in Albania on January 11, 2006, as the second bank with Albanian capital. The head office is located in Tirana.
Since Kosovo's declaration of independence from Serbia, international recognition of Kosovo has been mixed, and the international community continues to be divided on the issue. The Republic of Kosovo is member of some international intergovernmental and international non-governmental organisations.
