{
  "title": "Montenegro: 2021 Article IV Consultation — Press Release; Staff Report; and Statement by the Executive Director for Montenegro",
  "publication": "IMF Staff Country Reports, February 24, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/02/23/montenegro-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-513459",
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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.",
  "sections": [
    {
      "heading": "Key findings: economic impact and recovery",
      "content": "- COVID-19 hit the economy hard, but a strong recovery is underway.\n- The financial sector appears to have withstood the COVID-19 shock well.\n- 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."
    },
    {
      "heading": "Public debt and fiscal stance",
      "content": "- Public debt, already elevated before the pandemic, has increased further."
    },
    {
      "heading": "Policy actions and structural reforms (Europe Now)",
      "content": "- Reform program objectives:\n  - Arrest outward migration.\n  - Implement a sharp minimum wage increase.\n  - Reduce the labor tax wedge.\n  - Introduce a progressive tax code."
    },
    {
      "heading": "Subject areas covered",
      "content": "- Expenditure\n- Government debt management\n- International organization\n- Labor taxes\n- Monetary policy\n- Public debt\n- Public financial management (PFM)\n- Revenue administration\n- Taxes"
    },
    {
      "heading": "Keywords and analytical focus",
      "content": "- authorities' baseline scenario\n- Europe\n- Global\n- Government debt management\n- Labor taxes\n- Montenegrin authority\n- production GDP estimate\n- staff growth estimate\n- taxation regime\n\n---\n\n Content in this bundle\n\n- 1mneea2022001\n  - 1mneea2022001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1mneea2022001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 24, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400201332.002",
    "COVID-19 hit the economy hard, but a strong recovery is underway.",
    "The financial sector appears to have withstood the COVID-19 shock well.",
    "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.",
    "Reform program objectives:",
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