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Montenegro progresses in Global Competitiveness Index’s ranking

Published date 28.09.2017 17:23 | Author PR Service

Ispis Print

Podgorica, Montenegro (28 September 2017) – Montenegro advanced 5 places and is ranked 77th out of 137 countries in the competitiveness list of the World Economic Forum for 2017/2018. Compared to the Western Balkan countries, Montenegro is one of the three countries that made the biggest progress compared to the previous year.

Government's full commitment to reform of the higher education system, labour market and structural reforms moved Montenegro into the efficiency-driven stage of development and contributed to the progress made in 10 out of 12 areas compared to the 2016/2017 data. Accordingly, the greatest progress was achieved in the improvement of institutions (up 14 places), efficiency of the commodity market (up 9 places) and the efficiency of the labour market (up 9 places), which speaks in favour of the Government's commitment to reforms of the economic system.

These indicators testify to the strengthening of the macroeconomic stability of Montenegro. Therefore, the Global Competitiveness Index of the World Economic Forum for 2017/2018 confirms Montenegro's progress in several very important sub-indicators of macroeconomic stability, such as: budget balance (16 places from 120th to104th), as well as the country's credit rating (3 places from 86th to 83rd). As to indicators related to institutions, Montenegro made progress in 19 subindicators and the most significant progress was achieved in subindicators related to the reduction of state spending (17 places from 56th to 39th), transparency in decision-making by the Government (21 places, from 79th to 58th). Exceptional progress was made in the fight against organised crime, where Montenegro advanced 109 places (from 199th to 90th).

Thus, the Government's economic policy in 2017 influenced the improvement of almost all indicators of calculating the Global Competitiveness Index of the World Economic Forum: indicators of improving macroeconomic stability, strengthening institutions and infrastructure, efficiency of the commodity market and the labour market, as well as the financial market, investments and sophistication of business. The report, together with the recently published International Monetary Fund's Report, indicates good economic governance and further improvement of the country's investment position. The Government of Montenegro remains committed to the implementation of structural reforms, which, combined with the measures of fiscal consolidation, should contribute to an even faster increase in the competitiveness of the country’s economy and sustainable economic growth rates.