According to the latest forecast report by the Vienna Institute for International Economic Studies, the Montenegrin economy will shrink by 8% due to its strong 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 — by 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 experience a contraction of 4%. The Vienna Institute for International Economic Studies forecasts that GDP in Turkey will decline by 6% and by 7% in Russia.
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