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Montenegro overview

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In Montenegro we focus on:

  • Making the economy more competitive, integrated and green.
  • Using sustainable tourism as a lever for SME development and investment in related industries – such as agribusiness and sustainable municipal infrastructure – are the focal points in the document.
  • Working with the private sector to help it become more competitive including developing agribusiness value chains and backward linkages in the tourism sector. Connectivity and regional integration will be improved by expanding cross-border transport and energy links, in line with the Connectivity Agenda for the Western Balkans. And the green economy in Montenegro – which marks 25 years since proclaiming itself a “green state” – will be supported via sustainable tourism among other things.
  • Leveraging the country’s comparative advantages to develop agribusiness value chains, providing both investment and advice, to help Montenegro produce more local food for the tourism industry and decrease imports. Tourism – which is the main export product and growth driver in the country – is a big focus of the strategy which lists the following areas of potential EBRD engagement: “Upgrading the existing hotels stock through privatisation, addressing the seasonality issue by promoting development of congress tourism and health tourism facilities, and modernisation of related municipal and environmental infrastructure.

The EBRD’s latest Montenegro strategy was adopted on 15 September 2021.

Current EBRD forecast for Montenegro’s Real GDP Growth in 2022 3.7%

Current EBRD forecast for Montenegro’s Real GDP Growth in 2023 4.5%

The economy recovered well in 2021, growing by 12.4 per cent after a deep contraction in 2020, largely on the back of a successful summer tourism season, which helped to prop up the fiscal accounts and led to a narrowing of the current account deficit. Following a record high in 2020, the ratio of public debt to GDP started to fall in 2021 on the back of public debt repayments and strong economic growth.

Montenegro in the EBRD’s 2022-23 Transition Report


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