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Tuesday, May 28, 2024
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Montenegro, World Bank predicts economy growth of 3.4 % in this year

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In its latest report, the World Bank (WB) has lowered its forecasts for the growth of the Montenegrin economy for this year to 3.4%.

In a report from June last year, the SB estimated this year’s growth of the Montenegrin economy at 4.7%.

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According to the latest report of the Global Economic Forecast, the growth of Montenegrin gross domestic product (GDP) is forecasted at 3.1% in the coming year. This is 0.6 percentage points less growth than previously estimated.

In the latest report, which the Mina-business agency had access to, it is stated that the Montenegrin economy grew by 5.9% last year. According to an earlier estimate, its growth was 3.6%.

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When it comes to the region, Kosovo will grow the most this year at 3.7%, followed by Bosnia and Herzegovina (BiH) at 2.5% and Serbia at 2.3%. Albania will grow this year by 2.2%, and Croatia by 0.8%.

The World Bank has reduced Its growth forecasts for this year to levels that for many countries are on the brink of recession, as the impact of central bank interest rate hikes intensifies, the Russian war in Ukraine is not coming to an end, and the world’s largest economies are stagnating.

The World Bank expects global gross domestic product (GDP) to grow by 1.7% this year, which is the lowest percentage since 1993, if the 2009 recession and 2020 pandemic are excluded.

In its earlier report from June, the bank predicted global growth of three percent for this year.
The World Bank predicts growth of 2.7% for the next year, and for the period from 2020 to 2024, the total will be below two percent, which is the slowest five-year pace since 1960.

That institution believes that the slowdown of the largest economies, including the United States of America (USA), whose expected growth was reduced by 0.5%, could herald a new global recession, less than three years after the previous one.

China’s growth last year fell to 2.7%, the second slowest since the mid-1970s, after 2020, as restrictions imposed by the pandemic, housing market turmoil and drought hit consumption, production and investment there, local media reported.

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