## Montenegro: 2025 Article IV Consultation-Press Release; and Staff Report

_IMF Staff Country Reports, November 20, 2025_

## Source details

**Canonical URL:** [Montenegro: 2025 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2025/11/19/montenegro-2025-article-iv-consultation-press-release-and-staff-report-571935)

## Other formats

- [Markdown version](/en/publications/cr/issues/2025/11/19/montenegro-2025-article-iv-consultation-press-release-and-staff-report-571935/index.md)
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## Bibliographic details
- Published: November 20, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229030076.002

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### 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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_Source: https://www.imf.org/en/publications/cr/issues/2025/11/19/montenegro-2025-article-iv-consultation-press-release-and-staff-report-571935_