"After eight years of transition towards the market economy in Albania, we are able to draw a general picture of the state of the economy, its development and future perspective. The dramatic decline in economic activity in 1990 and 1991, which was primarily associated with the dissolution of the communist regime, ended by mid-1992. During the period December 1990-April 1992, there was political instability and social chaos which hindered the implementation of a clear, coherent and long-term strategy for economic reform which was, in turn, reflected in further macroeconomic disequilibrium. The second phase of transition that started in April 1992 saw the implementation of the liberal economic reforms of “shock” therapy, according to the recommendations of the international institutions, i.e. the International Monetary Fund and the World Bank. The article provides an overview of the economic development during the years of transition and tries to grasp the actual (1999) state of economy."

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