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Montenegro Nominated for Europe’s Most Desirable Destination Award

Montenegro has been nominated for the prestigious...

Comment by Zoran Panović

From Lavrov to Macron

Despite the Serbian Progressive Party (SNS) having...

Goran Radosavljević, Ph.D. Vice Dean and Director of the FEFA Institute

We Need to Quadruple Our Growth Rate

Reducing corruption, reforming the energy sector and...

Luka Baturan, University of Novi Sad Faculty of Law

Arbitrary Tax Breaks Degrade the System

The biggest job that Serbia has to...

News

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Andrej Plenković has secured another term as the leader of the Croatian Democratic Union (HDZ), winning 84,786 votes in...

Serbia and Egypt Sign Landmark Free Trade Agreement

In a significant move to bolster economic ties, Serbia and Egypt have signed a Free Trade Agreement along with...

United States Adds $18 Million In New Funds To Development Partnership With Serbia

Today, the United States Government, through the United States Agency for International Development (USAID), announced an additional $18 million...

Montenegro Nominated for Europe’s Most Desirable Destination Award

Montenegro has been nominated for the prestigious title of Europe's most desirable destination in the Wanderlust Reader Travel Awards...

The International “Aleksandar Tišma” Literary Award ceremoniously presented to French writer Cécile Wajsbrot

The third International “Aleksandar Tišma” Literary Award was ceremoniously presented to French writer Cécile Wajsbrot on June 24, 2024,...

Zdravko Krivokapić, Prime Minister Of Montenegro

It Takes Two To Feed The Growth

The crisis represents an opportunity for Montenegro to try to build more a resilient, inclusive and green post-pandemic recovery. The government is open to proposals that will help us achieve our goals and fulfil all criteria for us to become a membership of the EU in 2024 and bring prosperity to our citizenry

Montenegro’s economy was hit harder by the pandemic than any other European country, yet today is again riding higher than any of its counterparts. While the culprit and the saviour are one and the same: tourism. The real key to success lies in cooperation between the Montenegrin Government, the Central Bank of Montenegro and the international financial community, as well social partners, non-governmental organisations and citizens.

By posting good business results, members of the Montenegrin Foreign Investors’ Council (MFIC) contributed to the economy rebounding, by keeping up with their investments and offering their knowhow and experience to the government.

The situation looks much better today, with the rebound in economic activity having also pushed government revenues. Thanks to that positive streak, coupled with careful fiscal management, the fiscal deficit is today much less worrisome than it was back in 2020, when it stood at 11 per cent of GDP. The government is determined to continue with its fiscal prudence policy, while at the same time creating measures that must help businesses and workers overcome the harsh situation.

The government is determined to continue with its fiscal prudence policy, while at the same time creating measures that must help businesses and workers overcome the harsh situation

Yet, if these good results are to be sustained, Montenegro has to reinvent its economy. That is to say, while the tourism will remain one of the best sources of economic growth, other sources have to be found as well. We need to ensure a resilient, inclusive and green post-pandemic recovery.

One of the ways to achieve that is through reforms that can ultimately lead to macroeconomic stability and new economic opportunities and job creation for the private sector. This is even more important given that the labour market hasn’t yet recovered as fast as the economy.

As such, news about a new investment is also news that promises job creation. In that respect, we both value the determination of existing investors to continue investing in Montenegro and welcome new domestic and international businesses. We have to send a strong joint message that Montenegrin tourism, along with other branches, is as attractive as it was prior to the crisis.

We believe strongly in the future and push for rapid digitalisation and innovation as sources of new growth. We welcome the views of MFIC members and their experience in the sector.

And it is in that respect that we acknowledge the need to accelerate reforms and demonstrate our commitment to the rule of law and the fight against corruption and red tape.

This government fosters dialogue and is ready to listen to proposals that will lead to the prosperity of our economy and society. In the MFIC, the government certainly has an interlocutor that’s devoted to carving the route to a sustainable growth path.