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Montenegro

07. 10. 2020. 00:00   >>  16:34 0

THIS YEAR

The World Bank expects a 12.4 percent drop in GDP

The Montenegrin economy is expected to weaken by 12.4 per cent this year, according to new World Bank (WB) forecasts.

In June forecasts for this year, the World Bank predicted a 6.8 percent drop in Montenegro's gross domestic product (GDP).

The new report of the World Bank for Europe and Central Asia, which the Mina-business agency had an insight into, states that the growth of the Montenegrin economy should amount to 6.9 percent next year, while 2.1 percent was forecasted in June.

"The Covid-19 crisis reveals and exacerbates Montenegro's vulnerabilities to external shocks, including limited fiscal reserves. The economy is projected to shrink by 12.4 percent this year, the deepest

recession in the last few decades ”, reads the part of the report that refers to Montenegro.

The World Bank said that the weakening of the economy this year was influenced by the decline in tourism, which will increase the current account deficit. The fiscal deficit is projected to grow to 11.7 percent of GDP, which will require fiscal adjustments in the post-crisis period. Public debt growth is estimated at 93 percent of GDP.

"These macro vulnerabilities are turning into significant micro vulnerabilities with fewer jobs, declining incomes, growing poverty and social impact on children and families," the World Bank said.

Strong fiscal governance, independent and accountable state institutions, an independent and efficient judiciary, as well as a merit-based public sector administration are considered essential to increase Montenegro's resilience to shocks. This would enable more comprehensive private sector-led growth and efficient service delivery to citizens.

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