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Banks and banking --- Periodicals. --- Banques --- Periodicals --- Périodiques --- Banks and banking. --- Montenegro. --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Černá Hora --- Charnahoryi︠a︡ --- Cherna gora --- Chernogorii︠a︡ --- Chornohorii︠a︡ --- Crna Gora --- Juodkalnija --- Karadağ --- Knjaževina Crna Gora --- Mali i Zi --- Melnkalne --- Montenegro --- Muntenegru --- People's Republic of Montenegro --- Republic of Montenegro --- Republika Crna Gora --- Serbia and Montenegro --- Socialist Republic of Montenegro --- Socijalistička Republika Crna Gora --- Svartfjallaland --- central banking --- monetary policy --- banking --- management in central banks --- Finance --- Financial institutions --- Money --- Charnahoryi͡ --- Chernogorii͡ --- Chornohorii͡ --- Jabal al-Aswad --- Karada --- Montenegro (Kingdom) --- Charnahoryi͡a --- Chernogorii͡a --- Chornohorii͡a --- Kraljevina Crna Gora

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Agriculture --- Forests and forestry --- Veterinary medicine --- Agriculture. --- Forests and forestry. --- Veterinary medicine. --- Montenegro. --- Biovidenskab --- agriculture --- forestry --- Farriery --- Large animal medicine --- Large animal veterinary medicine --- Livestock medicine --- Veterinary science --- Forest land --- Forest lands --- Forest planting --- Forest production --- Forest sciences --- Forestation --- Forested lands --- Forestland --- Forestlands --- Forestry --- Forestry industry --- Forestry sciences --- Land, Forest --- Lands, Forest --- Silviculture --- Sylviculture --- Woodlands --- Woods (Forests) --- Farming --- Husbandry --- Černá Hora --- Charnahoryi︠a︡ --- Cherna gora --- Chernogorii︠a︡ --- Chornohorii︠a︡ --- Crna Gora --- Juodkalnija --- Karadağ --- Knjaževina Crna Gora --- Mali i Zi --- Melnkalne --- Montenegro --- Muntenegru --- People's Republic of Montenegro --- Republic of Montenegro --- Republika Crna Gora --- Serbia and Montenegro --- Socialist Republic of Montenegro --- Socijalistička Republika Crna Gora --- Svartfjallaland --- Medicine --- Animal health --- Animals --- Domestic animals --- Livestock --- Natural resources --- Afforestation --- Arboriculture --- Logging --- Timber --- Tree crops --- Trees --- Industrial arts --- Life sciences --- Food supply --- Land use, Rural --- Diseases --- Losses --- Charnahoryi͡ --- Chernogorii͡ --- Chornohorii͡ --- Jabal al-Aswad --- Karada --- Montenegro (Kingdom) --- Agriculture. Animal husbandry. Hunting. Fishery --- Charnahoryi͡a --- Chernogorii͡a --- Chornohorii͡a --- Kraljevina Crna Gora

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Cost and standard of living --- Households --- Cost and standard of living. --- Economic history. --- Households. --- Families --- Home economics --- Household surveys --- Housing --- Population --- History, Economic --- Economics --- Comfort, Standard of --- Cost of living --- Food, Cost of --- Household expenses --- Living, Cost of --- Living, Standard of --- Standard of living --- Consumption (Economics) --- Quality of life --- Wealth --- Luxury --- Prices --- Purchasing power --- Wages --- Surveys --- Montenegro --- Montenegro. --- Černá Hora --- Charnahoryi͡ --- Cherna gora --- Chernogorii͡ --- Chornohorii͡ --- Crna Gora --- Jabal al-Aswad --- Juodkalnija --- Karada --- Knjaževina Crna Gora --- Mali i Zi --- Melnkalne --- Montenegro (Kingdom) --- Muntenegru --- People's Republic of Montenegro --- Republic of Montenegro --- Republika Crna Gora --- Serbia and Montenegro --- Socialist Republic of Montenegro --- Socijalistička Republika Crna Gora --- Svartfjallaland --- Chernogorii︠a︡ --- Karadağ --- Црна Гора --- Чарнагорыя --- Charnahoryi︠a︡ --- Черна гора --- Черногория --- Чорногорія --- Chornohorii︠a︡ --- جبل الأسود --- Economic conditions --- Business, Economy and Management --- Social Sciences --- Community Based Awareness and Relief Service --- Demographic Studies --- Developmental Issues & Socioeconomic Studies --- General and Others

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This Selected Issues paper analyzes the long-term growth prospects and the output gap in Montenegro. Historical growth in Montenegro was driven mostly by capital with some contribution from labor, while total factor productivity (TFP) contributed negatively. Going forward, in the baseline growth accounting framework with no reforms, employment will likely have a slightly negative contribution because of demographic dynamics unless both labor force participation and unemployment improve significantly. The highway project will contribute to capital accumulation in the near term, but the contribution from capital accumulation will likely fall despite relatively high investment ratios. Based on historical performance, the contribution from TFP is likely limited and constitutes the main bottleneck for long-term growth prospects in the no-reform baseline.

Exports --- Balance of trade --- Deficits, Trade --- Trade, Balance of --- Trade balance --- Trade deficits --- Trade surpluses --- Surpluses, Trade --- International trade --- Balance of payments --- Mercantile system --- Payment --- Montenegro --- Crna Gora --- Chernogorii︠a︡ --- Montenegro (Kingdom) --- Knjaževina Crna Gora --- Socijalistička Republika Crna Gora --- Republika Crna Gora --- Republic of Montenegro --- Mali i Zi --- Černá Hora --- Muntenegru --- Karadağ --- Melnkalne --- Juodkalnija --- Svartfjallaland --- Socialist Republic of Montenegro --- People's Republic of Montenegro --- Црна Гора --- Чарнагорыя --- Charnahoryi︠a︡ --- Черна гора --- Cherna gora --- Черногория --- Чорногорія --- Chornohorii︠a︡ --- Jabal al-Aswad --- جبل الأسود --- Serbia and Montenegro --- Economic conditions. --- Kraljevina Crna Gora --- Banks and Banking --- Labor --- Macroeconomics --- Public Finance --- Production and Operations Management --- Fiscal Policy --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Demand and Supply of Labor: General --- Macroeconomics: Production --- Labor Economics: General --- Labour --- income economics --- Banking --- Public finance & taxation --- Welfare & benefit systems --- Total factor productivity --- Labor markets --- Output gap --- Fiscal stance --- Fiscal policy --- Labor market --- Industrial productivity --- Economic theory --- Labor economics --- Income economics

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This paper discusses the first phase, to be constructed from 2015 to mid-2019, comprises a 41-kilometer section that is to provide an efficient and safe transport link between Podgorica and the poorest northern region in Montenegro. It runs through the mountainous terrain in the center of the country that is economically undeveloped. Due to its large cost (25 percent of 2017 GDP), the first phase of the highway has used up most of Montenegro’s fiscal space and will crowd out other productive spending. For the foreseeable future, the second and third parts of the highway could only be financed with concessional funds, because loans would destabilize the debt sustainability of Montenegro. The government’s main motivation for this large project is the need to improve connectivity, particularly to Europe through Serbia, boost tourism and trade, improve road safety, and strengthen national security. The highway is a part of Montenegro’s plans to integrate the Montenegrin transport network with those of neighboring countries.

Montenegro --- Crna Gora --- Chernogorii︠a︡ --- Montenegro (Kingdom) --- Knjaževina Crna Gora --- Socijalistička Republika Crna Gora --- Republika Crna Gora --- Republic of Montenegro --- Mali i Zi --- Černá Hora --- Muntenegru --- Karadağ --- Melnkalne --- Juodkalnija --- Svartfjallaland --- Socialist Republic of Montenegro --- People's Republic of Montenegro --- Црна Гора --- Чарнагорыя --- Charnahoryi︠a︡ --- Черна гора --- Cherna gora --- Черногория --- Чорногорія --- Chornohorii︠a︡ --- Jabal al-Aswad --- جبل الأسود --- Serbia and Montenegro --- Economic conditions. --- Kraljevina Crna Gora --- Debt Management --- Debt --- Debts, Public --- Expenditure --- Expenditures, Public --- Income economics --- Labor --- Labour --- National Government Expenditures and Related Policies: General --- Nonwage Labor Costs and Benefits --- Pension spending --- Pensions --- Private Pensions --- Public debt --- Public finance & taxation --- Public Finance --- Retirement Policies --- Retirement --- Social Security and Public Pensions --- Sovereign Debt