IMF-安道尔_收入及其长期驱动因素（英）-2025_12页_2mb

Andorra: Income and Its Drivers in a Long-Term Perspective Summary

Andorra's income has stagnated over the past 50 years, starting from a high level but failing to grow as fast as peer European countries. Key issues include lagging investment and productivity, leading to a slight decline in GDP per capita despite population growth. Comparisons with countries like Malta and Cyprus, which experienced significant growth through economic diversification and reforms, highlight the need for similar strategies.

The economy remains dominated by low-value-added sectors such as tourism, real estate, and finance, with limited expansion in high-value areas like information and communication technology (ICT). Structural bottlenecks, including a small domestic market, administrative rigidities, and difficulty attracting skilled labor, hinder growth. Recommendations focus on removing these obstacles, promoting specialization in higher-value industries, and leveraging factors like excess savings to support sustainable income growth.

Conclusively, Andorra must adopt a comprehensive approach involving policy reforms, business environment improvements, and better talent retention to achieve long-term prosperity.