Publication:
Serbia and Montenegro : Republic of Montenegro, Economic Memorandum, A Policy for Growth and Competitiveness

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dc.contributor.authorWorld Bank
dc.date.accessioned2012-06-18T19:31:57Z
dc.date.available2012-06-18T19:31:57Z
dc.date.issued2005-10
dc.description.abstractBeginning in the late 1990s, Montenegro's economic reform program reached momentum in the early 2000s. Its reform program rested on two broad pillars: macroeconomic stabilization, and market-oriented structural reforms. However, the macroeconomic and structural reforms have yielded modest economic recovery and transition, holding a current account deficit, which although still high, is improving; yet its principal human welfare indicators such as poverty, life expectancy, and adult literacy remained moderate and stable. But significant challenges remain. Three key challenges confront policy makers in Montenegro. First, past economic growth has been inadequate. Second, the limited growth recovery has not been accompanied by employment growth. Third, despite reforms, Montenegro has become less competitive over the last four years: its real exchange rate, based on movements in unit labor costs, has risen much faster than that of the European Union (EU) zone and the United States. Therefore, recommendations suggest key labor market reforms need to be undertaken to increase employment, growth, and competitiveness, through specific measures to: control the rapid wage growth witnessed in recent years; relax some aspects of the labor regulations; and, reduce the high rates of labor taxation, in a fiscally responsible way to encourage formal employment. Enterprise privatization and restructuring needs to: speed up the restructuring of the mass-voucher- privatized companies, and, speed up the consolidation into majority shares of the companies' shares being traded on stock exchanges. Furthermore, key constraints facing the emerging private sector, including businesses in the informal sector, must be removed, reducing specific governance and regulatory bottlenecks, and the backlog of commercial court cases, to speed up contract enforcement; while in addition, land title transparency and property rights must be improved. The cost of capital needs to be reduced, and financial intermediation improved, while employment creation, growth, and competitiveness should be increased through Government's help, by undertaking fiscal reforms. Finally, tourism holds considerable promise for Montenegro's export-oriented growth, and employment creation.en
dc.identifierhttp://documents.worldbank.org/curated/en/2005/10/6408013/serbia-montenegro-republic-montenegro-economic-memorandum-policy-growth-competitiveness
dc.identifier.doi10.1596/8328
dc.identifier.urihttps://hdl.handle.net/10986/8328
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectACTIVE LABOR
dc.subjectACTIVE LABOR MARKET
dc.subjectACTIVE LABOR MARKET PROGRAMS
dc.subjectANNUAL POPULATION GROWTH RATE
dc.subjectASYMMETRIC INFORMATION
dc.subjectAVERAGE WAGES
dc.subjectBANKRUPTCY
dc.subjectBUDGET EXECUTION
dc.subjectBUDGET FORMULATION
dc.subjectCAPITAL NEEDS
dc.subjectCOLLECTIVE AGREEMENT
dc.subjectCOLLECTIVE AGREEMENTS
dc.subjectCOLLECTIVE BARGAINING
dc.subjectCOMPETITIVENESS
dc.subjectCONSUMERS
dc.subjectCONTRACT ENFORCEMENT
dc.subjectCORPORATE GOVERNANCE
dc.subjectDEBT
dc.subjectDECENTRALIZATION
dc.subjectDEFICIT FINANCING
dc.subjectDEFICITS
dc.subjectDOMESTIC MARKET
dc.subjectDUMPING
dc.subjectEARLY RETIREMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC RECOVERY
dc.subjectECONOMIC REFORM
dc.subjectEMPLOYMENT
dc.subjectEMPLOYMENT DYNAMICS
dc.subjectEMPLOYMENT GENERATION
dc.subjectEMPLOYMENT GROWTH
dc.subjectEXPORTS
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL SECTOR
dc.subjectFIRM LEVEL
dc.subjectFISCAL BALANCE
dc.subjectFISCAL REFORMS
dc.subjectGDP
dc.subjectGOVERNMENT SUBSIDIES
dc.subjectGROWTH
dc.subjectGROWTH POTENTIAL
dc.subjectHARD BUDGET CONSTRAINTS
dc.subjectHIGH UNEMPLOYMENT
dc.subjectHIGH WAGE
dc.subjectHOUSING
dc.subjectINCOME TAXES
dc.subjectINFLATION
dc.subjectINFORMAL EMPLOYMENT
dc.subjectINFORMAL SECTOR
dc.subjectINSURANCE
dc.subjectINTEREST RATES
dc.subjectJOBS
dc.subjectLABOR COMPENSATION
dc.subjectLABOR COSTS
dc.subjectLABOR FORCE
dc.subjectLABOR FORCE GROWTH
dc.subjectLABOR LAW
dc.subjectLABOR MARKET
dc.subjectLABOR MARKET REFORM
dc.subjectLABOR MARKET REFORMS
dc.subjectLABOR MARKETS
dc.subjectLABOR PRODUCTIVITY
dc.subjectLABOR PRODUCTIVITY GROWTH
dc.subjectLABOR REGULATIONS
dc.subjectLABOR RELATIONS
dc.subjectLABOR SUPPLY
dc.subjectLAND USE
dc.subjectLICENSES
dc.subjectLOCAL GOVERNMENTS
dc.subjectLONG-TERM UNEMPLOYMENT
dc.subjectMACROECONOMIC STABILITY
dc.subjectMACROECONOMIC STABILIZATION
dc.subjectMATERNITY LEAVE
dc.subjectMUNICIPALITIES
dc.subjectNON-WAGE COSTS
dc.subjectPART-TIME EMPLOYMENT
dc.subjectPAYROLL TAXES
dc.subjectPER CAPITA INCOME
dc.subjectPRIVATE SECTOR
dc.subjectPRIVATE SECTOR INVESTMENT
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC ENTERPRISES
dc.subjectPUBLIC EXPENDITURE
dc.subjectPUBLIC INFRASTRUCTURE
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC PROCUREMENT
dc.subjectPUBLIC PROCUREMENT PROCEDURES
dc.subjectPUBLIC SECTOR
dc.subjectPUBLIC SERVICES
dc.subjectREAL GDP
dc.subjectREAL INTEREST RATE
dc.subjectRETIREMENT
dc.subjectROADS
dc.subjectSEVERANCE PAYMENTS
dc.subjectSKILLED LABOR
dc.subjectSOCIAL WELFARE
dc.subjectSTATE-OWNED ENTERPRISES
dc.subjectTAX
dc.subjectTAX COLLECTION
dc.subjectTAXATION
dc.subjectTOTAL EMPLOYMENT
dc.subjectTRADE LIBERALIZATION
dc.subjectTRANSITION ECONOMIES
dc.subjectTRANSPARENCY
dc.subjectTREASURY
dc.subjectTREASURY BILLS
dc.subjectUNEMPLOYED
dc.subjectUNEMPLOYMENT
dc.subjectUNEMPLOYMENT RATES
dc.subjectVOCATIONAL TRAINING
dc.subjectVOCATIONAL TRAINING PROGRAMS
dc.subjectWAGE BILL
dc.subjectWAGE GROWTH
dc.subjectWAGE LEVELS
dc.subjectWAGE NEGOTIATIONS
dc.subjectWORKERS
dc.titleSerbia and Montenegro : Republic of Montenegro, Economic Memorandum, A Policy for Growth and Competitivenessen
dspace.entity.typePublication
okr.crosscuttingsolutionareaJobs
okr.date.disclosure2005-11-21
okr.date.doiregistration2025-05-07T12:24:06.820702Z
okr.doctypeEconomic & Sector Work::Country Economic Memorandum
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2005/10/6408013/serbia-montenegro-republic-montenegro-economic-memorandum-policy-growth-competitiveness
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeSocial, Urban, Rural and Resilience
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.guid863971468100763195
okr.guid287051468304262509
okr.identifier.externaldocumentum000012009_20051111094202
okr.identifier.internaldocumentum6408013
okr.identifier.report32623
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2005/11/11/000012009_20051111094202/Rendered/PDF/326230rev.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countrySerbia
okr.region.geographicalEurope
okr.sectorIndustry and trade
okr.sectorPublic Administration
okr.sectorLaw
okr.sectorPublic Administration, Law, and Justice
okr.topicEconomic Theory and Research
okr.topicUrban Development::Urban Economics
okr.topicPublic and Municipal Finance
okr.topicSocial Protections and Labor::Labor Markets
okr.topicPublic Sector Economics and Finance
okr.topicFinance and Financial Sector Development
okr.topicMacroeconomics and Economic Growth
okr.topicPublic Sector Development
okr.unitPoverty Reduction/Econ Mngmt (ECSPE)
okr.volume1 of 1
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