Workforce development, a mechanism for stimulating economic growth in Albania

Abstract

This article aims to explore the concept of workforce development as an effective approach that provides great impact to economic growth. Literature has proven that workforce development creates greater benefits for economic growth, especially at times of economic constraints. Although there have been more than 20 years since the collapse of the communist system, Albania is still facing times of difficult economic conditions. Recent reforms of the government for improving the quality of higher education and promoting vocational training would not provide any sustainable impact if there is no coordination between different stakeholders. Workforce development aims at creating such cooperation between stakeholders for a wide range of activities, policies and programs in order to sustain and retain a viable workforce that can support current and future industry requirements. Workforce development contributes to lifelong learning, development of proper skills and expertise which can be beneficial to the country economic development and social welfare, especially considering the globalization phenomenon and Albania’s potential in the region.