“Montenegro Maintains Economic Momentum Despite Temporary Shutdown”

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        28. Apr 2025. 18:36
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    <p>Montenegro's economy grew by three percent last year, with similar growth anticipated for 2025, driven primarily by private consumption and investments, according to the World Bank.</p>

    <p>"The temporary closure of the Pljevla thermal power plant will lead to increased electricity imports; however, robust loan growth and a strong labor market are expected to sustain economic momentum," stated the latest economic report from the World Bank for the Western Balkans.</p>

    <p>The report highlights a significant decline in inflation, dropping from 8.6 percent in 2023 to 3.4 percent in 2024, with further reductions to 2.9 percent in 2025 and 2.3 percent in 2026.</p>

    <p>Nevertheless, the current account deficit is projected to rise by 18.5 percent in 2025, mainly due to soaring energy imports.</p>

    <p>"Only just over one-third of the deficit is expected to be financed through net foreign investment, while the remainder will be covered by new borrowing," the World Bank notes.</p>

    <p>Poverty levels are anticipated to decline by 7.5 percent by 2027.</p>

    <p>"The majority of those living in poverty are long-term unemployed, students, or individuals outside the labor market, particularly in the northern regions. Combating poverty will require targeted policy interventions alongside ongoing economic growth," the report adds.</p>

    <p>Forecasts suggest an increase in the fiscal deficit to around four percent of GDP in 2025, followed by a gradual decrease to 3.6 percent by 2027.</p>

    <p>The World Bank expects public debt to reach approximately 65.8 percent of GDP by 2027.</p>

    <p>"Ensuring the sustainability of debt will necessitate fiscal discipline, especially considering the significant financial needs expected between 2025 and 2027, as maintaining high costs of fiscal consolidation will further bolster Montenegro's fiscal position," the report asserts.</p>

    <p>The head of the World Bank office for Bosnia and Herzegovina, Christopher Sheldon, noted that Montenegro's economy has demonstrated resilience over the past four years while emphasizing that global uncertainties now present new challenges for growth.</p>

    <p>"Upholding fiscal discipline and making progress on essential structural reforms are crucial for achieving long-term, inclusive, and sustainable growth," he stated.</p>

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