Montenegro 2021 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For Montenegro
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| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 76 |
| Release | : 2022-02-24 |
| Genre | : Business & Economics |
| ISBN | : |
COVID-19 hit the economy hard, but a strong recovery is underway. Public debt, already elevated before the pandemic, has increased further. The government has embarked on a reform program ‘Europe Now’, which aims to arrest outward migration through a sharp minimum wage increase, labor tax wedge reduction, and the introduction of a progressive tax code. The financial sector appears to have withstood the COVID-19 shock well.
| Author | : International Monetary Fund. European Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 81 |
| Release | : 2024-05-07 |
| Genre | : Business & Economics |
| ISBN | : |
The Montenegrin economy has rebounded strongly from the COVID-19 shock as private consumption grew, tourism recovered, and an influx of relatively affluent Russian and Ukrainian nationals due to Russia’s war in Ukraine has also contributed to growth. While debt-to-GDP ratios have improved largely due to nominal effects, fiscal weaknesses remain. After prolonged political uncertainty, a new coalition government formed in October 2023. Thereafter, a new Central Bank (CBCG) Governor was appointed in December 2023.
| Author | : International Monetary Fund. European Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 88 |
| Release | : 2019-09-10 |
| Genre | : Business & Economics |
| ISBN | : 1513513737 |
This 2019 Article IV Consultation with Montenegro highlights that while the implementation of large publicly financed infrastructure projects has added economic growth, the accompanying use of fiscal resources has contributed to a large increase in government debt including guarantees, which reached 79 percent of gross domestic product in 2018. Despite the recent intervention in two non-systemic domestic banks, the overall banking sector exhibits improving asset quality, strong credit growth, high liquidity, and is well capitalized. Efforts to improve banking and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) supervision are paramount. The emphasis should be a shift to risk-based tools for supervision in both off-site and on-site functions, and the establishment of a stronger supervisory structure within the central bank. The main priorities are reduction of the labor tax wedge and implementation of the new labor law that aims to increase labor market flexibility. Future decisions on the minimum wage should consider a broad set of indicators and require careful analyses of the impact of past increases.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 85 |
| Release | : 2022-06-09 |
| Genre | : Business & Economics |
| ISBN | : |
Bosnia and Herzegovina (BiH) is facing considerable challenges just as it has rebounded from the Covid-19 pandemic. Spillovers from the war in Ukraine are fueling inflation and weighing on domestic spending and external demand, while domestic political tensions are hampering economic policies and reforms.
| Author | : |
| Publisher | : BRILL |
| Total Pages | : 244 |
| Release | : 2022-01-31 |
| Genre | : Social Science |
| ISBN | : 9004306897 |
The book presents a multifaceted analysis of the social security system in the Balkan states and offers a comprehensive overview and recommendations on social problems in the region.
| Author | : Abdylmenaf Bexheti |
| Publisher | : Springer Nature |
| Total Pages | : 845 |
| Release | : 2024-01-03 |
| Genre | : Business & Economics |
| ISBN | : 3031425111 |
This book presents carefully selected chapters from the proceedings of the 6th International Scientific Conference on Business and Economics (ISCBE),Tetovo, North Macedonia, which took place in May 2023. The chapters address a wide range of areas relevant to contemporary business and economics issues such as economic shocks, high inflation, energy crisis, COVID-19, growth prospects, economic forecast, labor market, gender inequalities, migration, entrepreneurship, and family businesses, firm development and innovations, technological transformation, etc. Researchers learn about the latest studies that discuss emerging challenges and perspectives of business and economics in the perspective of post-crisis economic recovery, consolidation, and stability.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 115 |
| Release | : 2021-11-29 |
| Genre | : Business & Economics |
| ISBN | : 161635593X |
A strong export-led recovery is underway. Despite early actions and a successful vaccination campaign, the pandemic is lingering in Mongolia as positivity rates remain high and borders largely closed. An export-led recovery which began in mid-2020, is gathering steam due to booming prices for Mongolia’s exports. Nevertheless, domestic demand, labor markets and the business sector remain weak. Policies were appropriately supportive during the pandemic. However, large, untargeted and continuing fiscal, quasi-fiscal and financial forbearance measures legislated by Parliament have heightened macrofinancial vulnerabilities: public debt has sharply increased, bank balance sheets have further weakened, and the Bank of Mongolia’s (BOM) operational independence has been compromised. On the plus side, external and fiscal buffers have been built, helped by the 2021 IMF SDR allocation of US$98.3 million (95.8 percent of quota), and the rollover of large external liabilities has increased policy space.
| Author | : International Monetary Fund. European Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 86 |
| Release | : 2021-12-07 |
| Genre | : Business & Economics |
| ISBN | : 1616356855 |
Albania’s economy has shown considerable resilience in the face of the 2019 earthquake and the pandemic. After the hardship endured in 2020, real GDP is rebounding strongly by a projected 7.8 percent in 2021. Policies have played a critical role in preserving lives and livelihoods and thereby paving the way for the recovery. The key challenges now are to invest efficiently in people and the economy to support the continued development of the country and to rebuild room for fiscal policy maneuver by lowering the very high fiscal deficit and public debt.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 95 |
| Release | : 2021-06-11 |
| Genre | : Business & Economics |
| ISBN | : 1513573179 |
In Turkey, as in other countries, the human and economic toll of the COVID-19 pandemic has been severe. Thousands of lives have been tragically lost and many livelihoods compromised. The initial policy response to the pandemic—and subsequent sharp growth rebound—set Turkey apart from its peers. Rapid monetary and credit expansion and large liquidity support meant that Turkey was among the few countries to experience positive economic growth in 2020. But these policies also aggravated pre-existing economic and financial vulnerabilities. Higher inflation, increased dollarization, and a large shift in the current account position increased pressure on the lira and gave rise to heavy foreign exchange sales, which led in turn to steep reserve declines from already-low levels. A policy shift in late 2020—mainly towards tighter and more transparent monetary policy and slower credit growth—was both welcome and necessary. But the durability and depth of the shift were called into question in March 2021, following the change in central bank leadership, as the lira weakened markedly and interest rate spreads widened.
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