Noticable economic growth and positive forecast for Montenegro
The economy in Montenegro is open, liberal and competitive and it records the fastest economic growth in the region. The economic regulations are in accordance with European Union rules which ensures legal security and reduces the regulatory burden and administrative barriers on businesses. Montenegro has taken important steps in order to align business-related legislation with global standards and create necessary institutions for attracting investments. Low tax rates, a free trade regime and capital transfer, along with the constantly improving business environment make the Montenegrin economy attractive for foreign investments.
The official currency is Euro and the fiscal policy is one of Montenegro’s economic policy instruments whcih is based on the principles of competitiveness, predictability and consistency.Montenegro has made really notable progress and the economic activity is especially intensified by implementation of infrastracture and construction projects in the tourism and energy sectors.
Construction is one of the most dominant sectors in Montenegro with opportunities for domestic and foreign companies in luxury properties, holiday real estate, buildings and other attractive and profitabile projects. Noteworthy investments in Adriatic Sea luxury resorts and mountain ski resorts makes Montenegro a very attractive investment market which fulfills market demands. It is ranked as one of the fastest growing and dynamic tourist destinations in Europe.
According to the latest projections of the World Bank, Montenegro’s economic output is expected to expand by 10.8% in 2022. In the report it is announced that Montenegro’s GDP will strengthen by an additional 5.6% in 2022 and by another 4.8% in 2023 (Source: MIA).
Also the article published in Emerging Europe predicts a positive economic outlook for Montnegro for 2022. It is announced there that The Vienna Institute for International Economic Studies expects that Europe’s highest economic growth in 2022 will be in Montenegro (4.8 per cent).
