## Montenegro: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro

_IMF Staff Country Reports, May 7, 2024_

## Source details

**Canonical URL:** [Montenegro: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro](https://www.imf.org/en/publications/cr/issues/2024/05/06/montenegro-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-548629)

## Other formats

- [Markdown version](/en/publications/cr/issues/2024/05/06/montenegro-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-548629/index.md)
- [Structured JSON version](/en/publications/cr/issues/2024/05/06/montenegro-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-548629/index.json)
- [Bundle manifest](/en/publications/cr/issues/2024/05/06/montenegro-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-548629/bundle-manifest.json)

## Bibliographic details
- Published: May 7, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400275715.002

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### Economic growth and outlook
- The Montenegrin economy grew robustly by 6 percent in 2023 as consumption remained strong, tourism revenues exceeded pre-pandemic levels, and the influx of relatively affluent Russian and Ukrainian nationals due to Russia’s war in Ukraine contributed to growth.
- Growth is expected to moderate to 3.7 percent in 2024 and ease further to about 3 percent over the medium term.
- Diversification both within and away from the tourism sector is recommended to decrease the vulnerability of the economy to shocks.
- A more conducive environment for a small and medium enterprises sector would enable it to benefit from the presence of skilled migrants in the country.

### Financial sector and stability
- System-wide indicators of financial stability are described as healthy.
- The Central Bank Governor needs to remain vigilant regarding lingering pockets of vulnerability.
- To better inform policy judgments, trends in domestic advantage, as well as the banking sector’s growing exposure to foreign securities, need to be closely monitored.

### Policy areas and subjects covered
- Anti-money laundering and combating the financing of terrorism (AML/CFT)
- Commercial banks
- Crime
- Financial institutions
- Fiscal policy
- Fiscal stance
- International organization
- Monetary policy
- Public debt
- Revenue administration

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## Content in this bundle

- **Montenegro**
  - [Montenegro (Markdown version)](/-/media/files/publications/cr/2024/english/1mneea2024001.pdf.md){rel="alternate" type="text/markdown"}
  - [Montenegro (PDF)](/-/media/files/publications/cr/2024/english/1mneea2024001.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2024/05/06/montenegro-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-548629_