A recent Eurostat analysis reveals that salaries in Montenegro are just 52% of the EU average, a statistic expected by economist Davor Dokić. This disparity is mirrored in Montenegro’s prices for goods and services, which are at 64% of the European average. Dokić attributes this to Montenegro’s remarkably low electricity costs, the cheapest in the EU at 10 cents per kWh.
The data further illustrate that food and non-alcoholic beverage prices in Montenegro stand at 87% of the EU average, with clothing costs nearly equivalent to those in EU member states.
Dokić emphasizes the urgent need for Montenegro to adopt a comprehensive economic strategy aimed at bridging the gap with EU living standards. Speaking to Radio CG, he warns of imminent economic reforms needed to avoid fiscal collapse, advocating primarily for reducing bureaucratic inefficiencies.
Proposing tourism, energy, maritime transport and agriculture as pivotal sectors, Dokić believes these industries can drive rapid economic growth in Montenegro, targeting an annual growth rate of 6-7%. He stresses the importance of convening Montenegro’s top economists to chart a clear development path, urging that this effort be strictly apolitical.
Comparatively, Eurostat data highlight Luxembourg as the EU leader in income standards, with average wages 320% higher than those in Montenegro. Furthermore, several EU countries, including Sweden, the Netherlands, Austria, and Croatia, face higher food costs than Montenegro, while clothing is more affordable in eight EU nations compared to Montenegro.
This analysis underscores Montenegro’s economic challenges and outlines potential pathways to sustainable development amid regional and global economic dynamics.
