According to the latest forecast report by the Vienna Institute for International Economic Studies, the Montenegrin economy will shrink by 8% due to its heavy dependence on tourism. However, the report forecasts that Montenegro’s economy will strengthen by 5% next year.
Croatia is expected to face the largest contraction in real GDP, at 11%.
Croatia is followed by Slovenia (9.5%), Slovakia (9%), and Montenegro (8%), which indicates the particular dependence of these countries on foreign trade and/or tourism.
The economies of North Macedonia, Albania, and Bosnia and Herzegovina are expected to contract by 5%, while Serbia’s economy will see a 4% decline.
The Vienna Institute for International Economic Studies forecasts that GDP in Turkey will fall by 6% and by 7% in Russia.