ardian fullani : recent developments in the global and the albanian economy speech by mr ardian fullani, governor of the bank of albania, at the regional meeting, korca, 13 february 2009. * * * i feel very privileged to be among you again, in this marvellous audience of intellectual values and professionalism. it is the second time i visit korca in the capacity of the governor of the bank of albania and i observe with pleasure that this city has made admirable progress. allow me to emphasise once more that korca, this charming and hospitable city, has given and will always give me pleasure. usually favourite topics for a governor are monetary policy, financial stability, banks and money, structural reforms and economic - financial policies. however, the current situation makes inevitable the communication on recent developments the global economy in general and the albanian economy in particular are being faced with. global economy is confronted with numerous challenges. 2008 year - end and january 2009 have definitely confirmed recession in the usa, germany, britain and japan, let alone many other european emerging economies, such as ukraine, hungary, byelorussia, serbia and any other country. while risk of further financial stability shocks is overcome for the developed economies, the economic situation is deteriorating more and more, where unemployment is increasing rapidly, along with output reduction. in the meantime, the emerging economies are experiencing a deterioration of financial conditions, tightening of lending, pressure on exchange rate and at the same time significant reduced demand for some very important branches of the economy. i made this introduction to make you understand that global economy is experiencing a great contraction, which as concerns the shocking intensity and extension, has never been experienced before in the modern history or after the second world war. many taboos have fallen and continue to fall. the grave financial crisis ignited and erupted at the heart of capitalism, in the usa and from there it spread up quickly all over the world. though it may sound paradoxical, our economy has been resistant to this tsunami. according to available official data and judging upon a number of indirect indicators, we have concluded that the economic activity over 2008 performed in line with the early 2008 projections. generally the economic activity at home has been sustained by domestic financial resources, while the albanian banking system has been dynamic and effective in channelling the savings towards the funding of corporate production or household consumption this process has been also facilitated by the macroeconomic stability, which has enabled the fall of risk perception in the economy

. g. transactions, contracts, assets or identities ) that can be stored in a digital format. entries in the digital ledger are permanent, transparent and searchable. 7 reference : the edge malaysia weekly ( 4 – 10 june 2018 ). personal wealth. these challenges include lack of data ( value of the endowment ), limited transparency, lack of clarity in accountability, lack of proper auditing and poor planning for waqf assets development 3 / 3 bis central bankers'speeches