Montenegro is an upper-middle-income country with enormous growth potential. Montenegro became a member of the World Bank Group in 2007. Montenegro’s economy has huge potential, but is hindered by significant structural, economic, and fiscal risks.
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Over the past decade, Montenegro has achieved important results: it tripled its per capita income and reduced poverty to single digits. It is an upper middle-income country, and with a per-capita... Show More + income of $7,100, it is the richest among the six countries of the Western Balkans.The World Bank’s Country Economic Memorandum suggests areas where Montenegro needs further reforms in order to prepare the ground for future prosperity.The report, entitled “Preparing for Prosperity,” argues that Montenegro should be a fiscally strong state with low, sustainable debt, fiscal surpluses, and public investments that are well targeted. Additionally, Montenegro needs to improve financial discipline in the economy, the report says. Show Less -
Zorica Kovacevic says she would like to see an end to the electricity shortages and transport disruptions in the winter, which she says have caused large losses to tourism in the northern town of Kolasin... Show More + where she runs an upscale ski resort, known as Bianca.And exporter Nikola Perovic says that Plantaze – the major wine company he represents – could be doing much better if the supply of energy was less costly, roads were better, and if the government did more to encourage local production for export abroad.“We know that Podgorica as a capital has approximately 299 sunny days and we don’t have solar energy. There is space for improvement; Montenegro should become an exporter of energy,” he says.Despite increases in its national income, and a notable decline in poverty, the World Bank economic report says that Montenegro’s unemployment – at 20 percent – remains very high, and that consumer debt is suppressing consumption in the country. Show Less -