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PODGORICA (Montenegro), January 11 (SeeNews) - The World Bank said it expects Montenegro's economy to grow by 0.5% in 2018 and post zero growth in 2019.
Montenegro's economic growth is estimated at 3.2% in 2016 and is expected to accelerate to 3.6% in 2017, the World Bank said in its January 2017 Global Economic Prospects Report, reiterating its September decision to change its projections for those two years from 3.7% and 3.1%, respectively.
Montenegro, together with Albania and Croatia, are at risk from elevated sovereign debt levels, according to the report published on the website of the World Bank.
According to the World Bank, emerging and developing economies in the region of Western Balkans, which comprises Albania, Bosnia and Herzegovina, Kosovo, Macedonia, Montenegro and Serbia, are expected to grow 3.2% this year, 3.6% in 2018 and 3.7% in 2019.
Heightened uncertainty in advanced economies in Europe or elsewhere could have a significant impact on trade, external balances, and regional growth prospects in the Western Balkans, given the strong ties with the European Union. If this risk materialises, the scope for the countercyclical policies could be limited for many countries, the World Bank said.
In a country forecast, part of its latest South East Europe Regular Economic Report in September, the World Bank changed its previous projections for Montenegro's GDP growth in 2016 and 2017, saying that growth has been supported by a large publicly-financed highway project, but it is expected to slow to 3% in 2018 as project activities level off.