NewsEBRD Anticipates 3.7% Economic Growth for Montenegro

EBRD Anticipates 3.7% Economic Growth for Montenegro

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The European Bank for Reconstruction and Development (EBRD) expects the Montenegrin economy to grow by 3.7% this year, as shown in its Transition Report 2023-2024, presented today in Podgorica.

Peter Tabak, the EBRD’s Lead Economist for the Western Balkans, stated that Montenegro’s economic growth in the previous year was supported by a strong tourist season.

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“The EBRD expects growth of 3.7% this year. Long-term economic convergence can be accelerated by focusing on better governance, increased trade openness, and further greening of the economy,” Tabak said during the presentation of the report titled “Transitions Big and Small.”

The European Bank for Reconstruction and Development (EBRD), as stated by its representatives, invested 80 million euros in projects in Montenegro last year and mobilized an additional 25 million to support public and private investments, with green financing accounting for nearly 80%.

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The EBRD also provided a loan to finance a new wind farm with a capacity of 55 megawatts (MW) near the village of Gvozd.

The bank explained that this is the largest loan in Montenegro to date, aiming to support the country’s decarbonization program and energy transition.

In the private sector, EBRD has signed a credit agreement with Voli, the largest Montenegrin retail chain of food products, for the purchase and installation of solar panels to power its facilities, as well as to provide electric vehicle charging stations.

They also noted that EBRD has invested over 800 million euros in Montenegro to date.

EBRD’s Head in Montenegro, Remon Zakaria, spoke about the bank’s activities in Montenegro, last year’s results, and prospects for the future in his introductory address.

EBRD has stated that this year’s Transition Report examines how the deep structural transformation of the global economy affects the lives, circumstances, and living conditions of people across the EBRD region. The report focuses on important “big transitions,” such as the shift toward a sustainable economy, the reconfiguration of global supply chains, and the search for the resources needed for the digital and green economy.

“The report uses unique data from the fourth round of the Life in Transition survey, a household survey conducted last year, to see how these macro-level trends are transforming into so-called small transitions: changes in careers, changes in physical and mental health, renovations of homes, and ultimately, changes in people’s satisfaction with their lives,” said EBRD representatives.

The research includes life satisfaction figures that have now risen to 55%, as well as public attitudes towards the environment and environmental policies, with 55% of respondents concerned about environmental degradation and climate change.

The annual publication also assesses Montenegro’s progress in terms of economic development and structural reforms from the perspective of competitiveness, good governance, green initiatives, inclusiveness, and economic resilience, and its connectivity.

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