Moody’s has confirmed Montenegro’s credit rating at “Ba3” with a stable outlook, signaling continued confidence in the country’s macroeconomic stability, public finance sustainability, and reform-oriented economic policy, the Ministry of Finance announced.
The rating reflects international recognition of Montenegro’s responsible economic management aligned with European standards and long-term sustainability goals. Moody’s noted that an upgrade could be possible with faster fiscal consolidation, better control of fiscal risks—particularly those related to the Bar–Boljare highway project—and continued progress in the EU accession process, which strengthens institutions and economic resilience.
Moody’s projects Montenegro’s economic growth at 3.8% in 2025, driven primarily by private consumption, boosted by last year’s increase in the minimum wage and reductions in pension and disability contributions. Key medium-term growth drivers include investments in tourism, energy—especially renewables—and continued infrastructure projects, including the planned start of the second phase of the Bar–Boljare highway in 2026.
The report also highlights Montenegro’s leading position among EU candidate countries, thanks to measurable progress in institutional reforms since early 2024. EU accession efforts strengthen the rule of law, improve public policies, and provide access to favorable financing, positively affecting medium-term growth and integration into the European market.
The Ministry of Finance reaffirmed its commitment to responsible fiscal management, economic reforms, and advancing Montenegro’s path toward EU membership. The Moody’s rating confirms Montenegro’s status as a credible and stable international partner with clearly defined development priorities and policies aligned with European values.
