Montenegro: 2025 Article IV Consultation-Press Release; and Staff Report
IMF Staff Country Reports, November 20, 2025
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- Montenegro: 2025 Article IV Consultation-Press Release; and Staff Report
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Bibliographic details
- Published: November 20, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229030076.002
Macroeconomic developments
- Growth:
- Following a robust post-pandemic recovery of 9 percent average growth from 2021–23, growth decelerated to 3.2 percent in 2024 and the first half of 2025.
- The deceleration was driven partially by softening tourism.
- Inflation:
- Inflation rose from 1 percent in September 2024 to 4.9 percent as of September 2025, reflecting a combination of external, domestic demand, and wage pressures.
Policy aims and context
- The 2025 Article IV consultation aims to:
- Address emerging macro imbalances.
- Help position the economy for accession to the European Union (EU), which the authorities are targeting by 2028.
- Subject areas highlighted: Fiscal law, Fiscal policy, Fiscal stance, Labor, Public debt, Wages.
Key statistics
- Average growth (post-pandemic recovery, 2021–23): 9 percent
- Growth (2024 and H1 2025): 3.2 percent
- Inflation (September 2024): 1 percent
- Inflation (as of September 2025): 4.9 percent
- EU accession target: 2028
International Monetary Fund. Montenegro: 2025 Article IV Consultation-Press Release; and Staff Report
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