Albania, a formerly closed and centrally-planned state, is continuing to develop into an open-market economy. The country has experienced modest economic growth in recent years and recovered quickly from the impacts of the COVID-19 pandemic. While growth is expected to continue, the economy remains heavily dependent on tourism revenues and will face headwinds caused by higher energy prices. Canada has an established trade and investment relationship with Albania and potential exists in various sectors including tourism, energy, natural resources, and agribusiness.