UN General Assembly
1996

centralized and depressed economy to a growing, free- market economy; and from isolationism to openness to Euro-Atlantic integration. Albania’s gross domestic product has increased annually, from 11 per cent in 1992 to 15 per cent in 1996. Inflation fell 400 per cent in 1992 and now stands at 7.5 per cent in 1996. Our national currency’s exchange rate has gained some stability, and our foreign debt has been paid. Although five years ago the economy was totally centralized, privatization is now proceeding rapidly in all the major economic sectors; at present 75 per cent of overall production comes from the private sector. The unemployment rate has dropped from 39 per cent in 1992 to 12 per cent in 1996. Within four years, Albania was able to completely liberalize prices. Clearly, transforming a centralized economy into a market economy is difficult and sometimes painful, especially for certain economic sectors and for certain segments of the population. I should like to take this opportunity to again sincerely thank the European Union, the United Nations Development Programme (UNDP), the