gent sejko : launch of the ebrd transition report 2023 - 24 opening remarks by mr gent sejko, governor of the bank of albania, at the launching of the ebrd transition report 2023 - 24, tirana, 29 january 2024. * * * dear participants, the bank of albania, for years now, has turned it into tradition hosting the european bank for reconstruction and development in one of the most important events in its schedule of activities : the launching of the transition report. this report, which opens the door to professional economic analysis for the year, is of great importance. the analyses, conclusions and recommendations provided in it have always feed the economic debate, on the challenges that the time poses and on the appropriate development policies in order to achieve the fastest and most sustainable growth, the improvement of social well - being, as well as the economic and financial integration with our european partners, in turn strengthening resilience against shocks. for these reasons, i am pleased that this year we are continuing this journey, with the presentation of the transition report for the period 2023 - 2024. this satisfaction is even greater when i find that this year's report invites us to a moment of reflection. while our activity focuses on the issues of the day, the topic of this report, - " transitions big and small ', urges us to look further afield. the quality of life and the affecting - related factors, the new geopolitical realities and their consequences on the development strategies of countries in transition, climate change, global warming and the reduction of biodiversity, are undeniable realities with significant consequences, on economies also on our society and communities. in this context, this year's transition report rightly has added value for its focus on the implications of transition on the structure of economies, on global supply and value chains, on climate change, on the need for sustainable access to raw materials, as well as on the living, working and well - being of the individual. to this end, i would like to place some of the report's aspects in the context of the albanian economy, in view of the messages found in this report. to begin with, let me emphasize that the albanian economy has shown a good performance in the face of successive shocks of the last four years. the sound foundations of the albanian economy, the flexibility of our private sector, coupled with the prudential macroeconomic policies we have implemented, have enabled a sustainable

related industries. monetary policy can facilitate this process, but the necessary adjustments must take place in the business sector. at its september meeting, norges bank ’ s executive board decided to keep the key policy rate unchanged at 0. 5 percent. the executive board ’ s current assessment of the outlook and balance of risks suggests that the key policy rate will remain at today ’ s level in the period ahead, followed by a gradual increase to close to 1. 5 percent towards the end of 2020. inflation is expected to remain low in the years ahead. at the end of 2020, inflation is projected to be just below 2 percent. capacity utilisation for the economy as a whole is projected to rise gradually and to be somewhat above a normal level in 2020. this assessment is based on the outlook for economic developments abroad. while inflation is rising and growth prospects are improving internationally, global interest rates may have passed their lowest point. expected money market rates indicate that short - term interest rates among our trading partners will rise in the years ahead. however, interest rates will probably remain low, compared with pre - crisis levels, for an extended period of time. if developments abroad take an unexpected turn, the norwegian economy will be affected. the challenges may become more severe than they seem at present. however, we believe the economic policy setup, with substantial fiscal policy leeway, a flexible labour market and our monetary policy framework, will enable us to face these challenges. and not to forget – a normalisation of monetary policy is most notably an indication of a normalisation of economic developments in the countries surrounding us. this is most welcome. thank you for your attention. 2 / 2 bis central bankers'speeches