World Bank keeps Montenegro's 2024 GDP growth f'cast at 3.4%

The gross domestic product (GDP) growth estimates for the small Adriatic state for 2025 and 2026 have also been maintained at 2.8% and 3.0%, respectively, the World Bank said in its June 2024 Global Economic Prospects report released on Tuesday, affirming its April projections.

In 2023, the Montenegrin economy rose by a robust 6.0% thanks to a strong tourism season and private consumption.

The World Bank also kept unchanged its growth forecast for the Western Balkans region at 3.2% for this year and at 3.5% for 2025. It said it expects the region's economic growth to accelerate to 3.8% in 2026.

"Private demand is projected to be the main driver of growth, while the drag from weak net exports is expected to be less significant than in 2023, reflecting a pickup in exports alongside the euro area's recovery. The new European Union (EU) growth plan for the subregion will enhance economic integration and boost socio-economic convergence," the World Bank concluded.

Apart from Montenegro, the Western Balkans region also includes Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, and Serbia.