Montenegro

Montenegro is a small, upper-middle-income economy that has bet heavily on tourism along its dramatic Adriatic coast since becoming independent from Serbia in 2006. It uses the euro despite not being in the eurozone.

An EU candidate and NATO member, Montenegro depends on foreign investment in tourism and real estate, leaving it exposed to external shocks and carrying significant debt from infrastructure projects.

Key Sectors

The economy is led by coastal tourism, aluminum and steel production, hydropower, and agriculture, with growing real-estate and services sectors.