World Bank lifts Montenegro's 2024 GDP growth estimate to 3.4%
April 11 (SeeNews) - The World Bank said on Thursday it is lifting its 2024 economic growth forecast for Montenegro to 3.4%, up from the 3.2% expansion projected in January.
Economic growth this year will be primarily driven by private consumption and service exports, but will slow to 2.8% in 2025 before accelerating to 3% in 2026, the World Bank said in its latest Economic Update for Europe and Central Asia report.
The World Bank projects Montenegro's annual average inflation at 3.9% in 2024, expecting price growth to slow down to 2.5% in 2025 and 2% in 2026.
Montenegro's current account gap is projected to narrow to 11% of GDP this year, from 11.4% of GDP in 2023, and to further expand to 11.6% of GDP next year and 11.3% of GDP in 2026.
The fiscal deficit is seen expanding to 3.6% of GDP in 2024, from 0.5% of GDP in 2023, before gradually falling to 3.5% of GDP next year and 3.4% of GDP in 2026.
The World Bank also said it expects growth in the Western Balkans, including Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia, to accelerate to 3.2% in 2024 and 3.5% in 2025, from the estimated 2.6% in 2023.
