In-depth country-focused analysis on Montenegro's economic, political and operational risk environment, complemented by detailed sector insight

Our comprehensive assessment of Montenegro's operating environment and the outlook for its leading sectors are formed by bringing together a wealth of data on global markets that affect Montenegro, as well as the latest industry developments that could impact Montenegro's industries. This unique integrated approach has given us an impeccable track-record for predicting important shifts in the markets, ensuring you’re aware of the latest market opportunities and risks in Montenegro before your competitors.

Country Risk

Montenegro Country Risk

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Core Views 

  • Montenegro's ruling Democratic Party of Socialists (DPS) and its junior coalition partner Democratic Party of Montenegro (SDP) have ironed out disagreements following local elections in May, in line with our expectation. As such, we do not envision any risks to the coalition's term in power, and we expect the government to remain committed to its policy trajectory of pursuing further integration with Western political, economic and security structures.

  • The outlook for the Montenegrin economy in 2015-2016 is bleak on the back of tepid external demand due to the Ukraine crisis, tight credit markets and the bankruptcy of the country's biggest employer and exporter - the Kombinat Aluminijuma Podgorica AD (KAP).

Key Risks To Outlook 

  • As volatility in the international...

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Montenegro Industry Coverage (1)


Montenegro Telecommunications

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BMI View : Despite being one of the smallest telecoms markets in the central and eastern European (CEE) region, Montenegro stands out for its high mobile penetration rate. This has led to several quarters of declining subscriptions, which we believe will lead to operators reviewing and changing their strategies. This can make it difficult to forecast subscriber growth as we see more of a change from prepaid focus to postpaid. Given the market's dynamics, we see little point in licensing a fourth operator as the government desires. As expected in a heavily mobile-centric market, fixed-line demand is in decline...

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