The Montenegrin economy in 2023 is experiencing positive trends, despite unfavorable external factors for various known reasons. The GDP growth in the first three quarters of this year was around 6%, placing Montenegro among European countries with the highest growth rates, stated Nina Drakić, the president of the Chamber of Commerce (PKCG).
However, she pointed out that this growth is predominantly the result of increased consumption due to the influx of non-residents from Russia, Ukraine, and Turkey.
Presenting the document “Analysis of the Montenegrin Economy in 2023” during the traditional meeting of business representatives with the Prime Minister and ministers, Drakić mentioned that macroeconomic indicators imply better results in the tourism and energy sectors compared to the pre-pandemic period. Despite labor market mismatches, there has been an increase in employment.
“Tourism revenues exceeded the previous year by 49% and are 34% higher compared to 2019, which was a year of exceptional results,” stated Drakić.
She emphasized that the economic import dependence has remained pronounced in the current year, with no improvement in export indicators. Direct foreign investments have declined by 47% compared to the previous year, and she highlighted that real estate investments dominated in 2023.
Drakić expressed concern about the employment situation, stating that despite a 9% increase in employment for the first nine months of this year, there is a lack of skilled workforce due to depopulation, and addressing this requires flexibility in the education system, promotion of lifelong learning, and other measures.
She further states that tourism, as a branch of exceptional importance for our economy, relies on importing labor, often from distant countries.
“In addition to this, the procedures for employing foreign seasonal workers are very expensive and complex, thus significantly discouraging our tourism industry and other sectors dependent on imported labor. The situation is very similar in the construction and agriculture sectors. One of the solutions that the Chamber has long proposed is the introduction of a category of permanent seasonal workers,” pointed out Drakić.
