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IMF lowers Montenegro's 2021 GDP growth f'cast to 7%

Author Radomir Ralev
IMF lowers Montenegro's 2021 GDP growth f'cast to 7% License: Creative Commons BY-NC 2.0

PODGORICA (Montenegro), October 13 (SeeNews) - The International Monetary Fund (IMF) said it expects Montenegro's economy to grow by 7.0% this year, revising downwards its forecast for 9.0% economic growth made in April.

The IMF expects Montenegro's gross domestic product (GDP) to increase by 5.6% in 2022, the Fund said in its latest World Economic Outlook report published on Tuesday.

The country's economy declined by 15.2% in 2020, the IMF said.

Montenegro is expected to swing to average inflation of 2.0% in 2021, from last year's 0.2% deflation. Inflation is forecast to slow to 1.5% in 2022 and 1.7% in 2026.

The country's current account surplus is expected to drop to 21% of GDP this year from 26% of GDP in 2020. The surplus will continue to shrink, reaching 16.8% of GDP next year, and will decline further to 11.6% in 2026, the IMF said.