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Montenegro Partnership Country Program

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Montenegro Partnership Country Program Montenegro Country Program Snapshot World Bank Group – Montenegro Partnership Country Program Snapshot April 2015 Montenegro Country Program Snapshot RECENT ECONOMIC AND SECTORAL pension system reform to increase the retirement age DEVELOPMENTS to 67 for both genders; simplifying business and tax registration under the one-stop-shop concept; Growth and External Performance reducing the complexity and time involved in obtaining construction permits; centralizing the information and rules on licensing; adopting new After robust growth of 3.3 percent in 2013, bankruptcy and enforcement laws; and reducing economic activity moderated to 1 percent in the non-tax fees and the time needed to connect to first three quarters of 2014. Adverse weather electricity grids. The World Bank’s Doing Business conditions and the protracted annual overhaul of a 2015 ranks Montenegro 36th—the fifth most thermal power plant weakened industrial production favorable rating in the Europe and Central Asia (especially energy and the manufacturing of (ECA) region. This was an improvement from the pharmaceuticals, food products, and basic metals) previous rank of 42nd, primarily thanks to a reform and exports. Tourism outcomes, although less in the field of dealing with construction permits favorable than expected, underpinned real retail (reducing the fee for the provision of utilities and trade, which grew by 3.6 percent in 2014. After eliminating the fee for obtaining urban development increasing by 2.2 percent in 2013, prices fell by 0.7 and technical requirements from the municipality). percent in 2014 on average, led by food and oil price However, in order to deepen the productivity gains, declines, thus indicating persistent deflation the World Bank’s 2013 Country Economic throughout the whole year. Growth is likely to have Memorandum for Montenegro calls for a better picked up substantially in the last quarter, leading to focus on sustainability in ensuring a macroeconomic an average annual growth of 1.5 percent in 2014. environment conducive to long-term growth; connectivity––via trade, infrastructure, and human External vulnerabilities increased again in 2014, capital––with world markets; and regulatory and after a rebalancing period that had existed since institutional flexibility to attract investment and create 2009. The current account deficit (CAD) grew to jobs. Improved skills are needed to prepare 15.4 percent of GDP in the four quarters before Montenegro’s labor force for the challenges of a September 2014 (from 14.6 percent of GDP in much more competitive international economy. To 2013), due to lower exports and reduced net income preserve macroeconomic stability, the fiscal position and transfers from abroad. The CAD rose to 10.4 needs to be further strengthened by building fiscal percent of GDP in January–September 2014 from buffers supported by credible fiscal rules. 9.2 percent one year earlier. Exports fell 10.3 percent in 2014 because of reduced electricity exports, Figure 1. Quarterly GDP Growth despite robust shipments abroad of aluminum and 8 5.9 meat products during most of the year. The surplus 6 4.9 3.6 4.1 of net services exports rose further due to improved 4 2.6 2.9 1.5 1.3 tourism receipts. The external shortfall is likely to rise 2 0.6 % 0.3 further in 2015 because of the imports needed for 0 highway construction. Foreign direct investment -2 -0.5 -1.9 (FDI) inflows declined to 10.7 percent of GDP in -4 -2.3 -2.8 -3.4 2014 compared to 11.2 percent in 2013, mostly due -6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q3 Q4 Q1 Q2 Q3 to a decline in real estate investments. The FDI-to- Q2 CAD ratio declined to 58 percent in 2014, leading to 2011 2012 2013 2014 a further growth of the external debt-(without Source: Statistical Office of Montenegro intercompany debt)-to-GDP ratio to 117 percent of (MONSTAT). GDP in 2014 (from around 115 percent in 2013). This puts Montenegro among the more vulnerable The Government Economic Reform Program countries in the region. for 2015–17 outlines several reform areas for the medium term. Under fiscal policy, the Government Over the past several years, the Government has aims to undertake: (i) further pension system intensified efforts to promote competitiveness adjustment (abolishing the pension indexation and deepen social sector reforms. These include freeze); (ii) tax system reform (tax incentives for the implementing labor market reform to reduce lagging northern region, tax incentives for new dismissal costs and simplify hiring; promoting 2 Montenegro Country Program Snapshot investments, increased excises); (iii) health reform 2014, reaching 57.6 percent of GDP at end-October (diagnosis-related groups [DRGs], ambulatory care, (or 66.3 percent if guarantees are included) compared palliative care, clinical guidelines and protocols, to 58.1 percent of GDP at December 2013 (or 67.5 optimizing the health care institutional network); (iv) percent of GDP including guarantees). public sector wage policy reform (equal pay for equal positions and across the branches of government, Highway construction will negatively affect abolishing supplements); and (v) a rethinking of public finance balances in the medium term, as decentralization. Changing the collective bargaining stated in the Government’s Economic Reform agreements and reducing the rigidity of open-ended Program 2015–17. The fiscal deficit is projected to contracts are being envisaged, along with a review of reach its peak in 2015 at 5.3 percent of GDP and social benefits disincentives to labor participation. drop to 4 percent of GDP by 2017. Government Aligning the education system with labor market debt will reach its peak in 2018 at 76 percent of GDP needs, along with strengthening active labor market on the assumption of a highway-related loan policies (ALMPs) to bring youth and vulnerable disbursement of €200 million per year in the 2015– groups back to work, is planned. With regard to the 18 period. Additional pressure on debt will come business environment, the Government plans to from the currency risk, as 9.4 percent of total debt is further simplify the issuance of construction permits, denominated in foreign currency, including the loan strengthen contract enforcement, and improve state agreement signed with the Export-Import Bank of asset management through privatization and state- the United States (EXIM Bank) for the highway owned enterprise (SOE) restructuring. In addition, section construction. In addition to the highway, the addressing nonperforming loan (NPL) resolution, pressure on public finances will come from pension enforcing collateral collection and lengthy court expenditures that are already over 11 percent of proceedings, and strengthening banking sector GDP and the health system. In order to offset the supervision are needed in support of new, healthy adverse fiscal impact of the highway, the credit growth. Government will pursue the following fiscal policy measures: (i) rationalization of current expenditures; Figure 2. Public Debt and Fiscal Deficit as Share of (ii) rationalization of the number of public sector GDP employees; (iii) further improvement of public finance management; (iv) an intensive fight for a Domestic debt Foreign debt reduction of the grey economy and of tax receivables; Guarantees Fiscal balance (rhs) 80 0 and (v) an increase in public finance transparency and 70 -1 its adjustment to the European Union (EU) acquis, 60 -2 with a special focus on the European System of 50 -3 40 National and Regional Accounts (ESA2010). -4 30 20 -5 Public Financial Management and the Rule 10 -6 of Law 0 -7 2008 2009 2010 2011 2012 2013 2014 October Montenegro needs to further improve Fiscal Performance governance and the rule of law. The recent financial and economic crisis has highlighted the Fiscal consolidation efforts strengthened in 2014. importance of fiscal sustainability and good public The cash general government deficit narrowed to 1.1 financial management policies. The overall legal percent of GDP in 2014 (from 4.7 percent of GDP framework for budget management is in place with in 2013), although on accrual basis, the deficit will the preparation of the first medium-term rolling likely have been around 3 percent of GDP in 2014. budget and the new fiscal rule. The introduction of Stronger economic activity contributed to an increase accrual accounting and budget reporting is needed, in revenues of 8.6 percent annually (especially value while actions to strengthen debt management added tax [VAT] and income tax collection), while a systems are also critical. Although comprehensive decrease in capital spending largely kept spending in reform of the public sector was launched in 2012, check. The largest arrears are with local governments additional efforts are needed in the development of that persistently face high structural deficits and low an independent, professional, and efficient public tax collection rates. Public debt slightly decreased in 3 Montenegro Country Program Snapshot administration system in line with European Significant improvements have been made in standards, including at the local level. public procurement. The new Law on Public Procurement was adopted in 2011 to create a Public financial management is becoming more framework for the further streamlining of public effective and transparent. A Single Treasury expenditures and improvements in governance Account (STA) was established in 2010, and the vast through the centralized approval of procurement majority of all receipts and payments of plans. Further planned reforms include the additional governmental entities are processed through it. The development of e-procurement, capacity building, Central Bank (CBCG) acts as the Government’s and the professionalization of procurement officers; agent in operating the STA, while a small number of a focus on the environmental and social impacts of accounts are maintained in private banks, which are procurement; strengthened cooperation with the reconciled with the STA daily. The State Audit Directorate for the Anti-Corruption Initiative and Institution (SAI) has made substantial progress over the SAI; and regional cooperation.
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