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Sunday, April 21, 2024
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IMF raises Montenegro’s 2022 GDP growth projection to 7.2%

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The International Monetary Fund (IMF) said it expects Montenegro’s economy to grow by 7.2% this year, increasing its April projection of 3.8%growth.

Montenegro’s gross domestic product (GDP) is expected to grow by 2.5% next year, the IMF said in the October edition of its World Economic Outlook report published on Tuesday.

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The latest IMF estimation is more optimistic than the latest World Bank forecast

Last year, Montenegro’s economic output expanded by an estimated 13%, according to the report.

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Montenegro’s average consumer price inflation is seen surging to 12.8% in 2022 from 2.4% last year, before slowing down to 9.2% in 2023, the IMF said.

The country’s current account deficit, standing at 9.2% as a percentage of GDP in 2021, is forecast to expand to 13.8% in 2022 and increase further to 14% in 2023.

The IMF projects that the economy of the Emerging and Developing Europe area will stagnate in 2022, before slightly expanding by 0.6% in 2023. The region includes Bosnia, Romania, Turkey, Bulgaria, Serbia, Croatia, Albania, Kosovo, Moldova, Montenegro and North Macedonia.

The global economy is expected to expand by 3.2% in 2022 and by 2.7% in 2023 as it continues to face challenges due to the Russian invasion of Ukraine, persistent and broadening inflation pressures and the slowdown in China, the IMF noted.

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