Montenegro: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro

2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro

Volume/Issue: Volume 2022 Issue 060

Publication date: February 2022

ISBN: 9798400201332

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Topics covered in this book

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Business and Economics - Statistics , Taxation - General , International - Economics , Finance , Money and Monetary Policy , Public Finance , production GDP estimate , staff growth estimate , authorities' baseline scenario , Montenegrin authority , taxation regime , Government debt management , Labor taxes , Europe , Global

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Summary

COVID-19 hit the economy hard, but a strong recovery is underway. Public debt, already elevated before the pandemic, has increased further. The government has embarked on a reform program ‘Europe Now’, which aims to arrest outward migration through a sharp minimum wage increase, labor tax wedge reduction, and the introduction of a progressive tax code. The financial sector appears to have withstood the COVID-19 shock well.