"The impact of microfinance on economic development and the standard of life of individuals during the years 2018-2021. The case of Albania"

Abstract

The goal of each country today is to have the highest and continuous economic growth. But sustainability of economic growth is very important. This is achieved only by making the right policies, providing the country with high income. Microfinance is not a new development.Its origins date back to 1976, when Muhammad Yunus founded the Grameen Bank as an experiment on the outskirts of the Chittagong University campus in the village of Jobra, Bangladesh. Since then, several microfinance institutions emerged and succeeded in helping the poor and over time created new strategies to fulfill their vision. This paper is about microfinance and its impact on people from different layers of society, with the main focus on the impact on the poor layer of the population in Albania during the years 2018-2021. The aim of this study is to show how microfinance works and how it affects the standard of living (income, savings, etc.) of poor people in Albania.