Montenegro

Following a robust post-pandemic recovery (9 percent average growth from 2021–23), growth decelerated to 3.2 percent in 2024 and the first half of 2025, driven partially by softening tourism. Inflation has risen from 1 percent in September 2024 to 4.9 percent as of September 2025, reflecting a combination of external, domestic demand, and wage pressures. The 2025 Article IV consultation aims to address emerging macro imbalances and help position the economy for accession to the European Union (EU), which the authorities are targeting by 2028.