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Montenegro's economy floundering on narrow tax base, corruption - US State Dept

Author Radomir Ralev
Montenegro's economy floundering on narrow tax base, corruption - US State Dept Source: discover-montenegro.com

PODGORICA (Montenegro), July 23 (SeeNews) - Montenegro's economy continues to flounder on a very narrow tax base and the sectors of tourism, energy, and agriculture, while corruption remains a significant concern, the US Department of State said.

"Since regaining its independence in 2006, Montenegro has adopted a legal framework that encourages privatisation, employment, and exports. Implementation, however, lags well behind the legal structure," the State Department said in its 2021 Investment Climate Statements posted on its website.

As a candidate country on its path to joining the European Union (EU), Montenegro is making steady progress and has opened all 33 chapters, but despite regulatory improvements, corruption remains a significant concern, the US Department of State said.

The government sees as one of its priorities further development of the digital economy, although it has made only moderate progress to date, the US Department of State noted.

The U.S. Department of State's Investment Climate Statements provide country-specific information on the business climates of more than 170 countries and economies. They are prepared by economic officers stationed in embassies and posts around the world and analyse a variety of economies that are or could be markets for U.S. businesses of all sizes.

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