June 9 (SeeNews) - Montenegro's gross domestic product (GDP) is expected to grow by 7.1% in 2021 after shrinking by 15.2% last year, the World Bank said.
"Activity in tourism-dependent economies, particularly Albania and Montenegro, will continue to be hampered by international travel restrictions," the World Bank said in its June 2021 Global Economic Prospects report published on Tuesday.
The country's economy will further recover by growing 4.5% in 2022 and 3.5% in 2023, the World Bank said.
"Growth in the Western Balkans is forecast to rebound to 4.4% this year and moderate to 3.7% in 2022, assuming consumer and business confidence revives as vaccination takes place and political instability eases," the World Bank said.
The rise of the economic output of the Western Balkans region comprising Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, Montenegro, and Serbia, is estimated at 3.8% in 2023.