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World Bank raises Montenegro’s 2020 GDP growth forecast to 3.1%

Author Radomir Ralev
World Bank raises Montenegro’s 2020 GDP growth forecast to 3.1% License: Creative Commons BY-NC 2.0

PODGORICA (Montenegro), January 10 (SeeNews) – The World Bank has increased its projection for Montenegro’s economic growth in 2020 to 3.1% from 2.4% projected in June last year, figures show.

Montenegro’s gross domestic product (GDP) is forecast to grow in 2021 by 2.8%, 0.5 of a percentage point above the June projection, according to the World Bank's January 2020 Global Economic Prospects report published on Wednesday.

The World Bank estimated Montenegro’s 2019 economic growth at 3.0%, down from 5.1% achieved in 2018.

Montenegro’s economy is expected to expand by 3.2% in 2022.

The outlook for the Western Balkans remains challenging as falling business confidence and heightened uncertainty coincide with a worsening external environment, according to the report.

According to the report, the Western Balkans region comprising Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, Montenegro, and Serbia, will achieve economic growth of 3.6% in 2020. Growth in the region is projected at 3.8% in both 2021 and 2022.