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The Republic of Montenegro, which means "Black Mountain", became a sovereign state after voting for independence in a 2006 referendum. The ICT sector has grown rapidly with the relocation of firms displaced by the war in Ukraine and many global players have an active presence in the market.

Talent Pool & Education

IT technology is the fastest-growing sector of the economy and digital transformation has been adopted as a key principle by the government, which is planning a rollout of 5G. A Science and Technology Park on the University of Montenegro campus was founded in 2019 to support startups and technological innovation. Despite a high rate of unemployment, Montenegro has the highest wage level in the Western Balkans.

The official language is Montenegrin, although there are many native Serbian speakers. English is widely spoken in the capital and main tourist spots.
Economic Outlook

Montenegro is a member of NATO and a candidate to join the EU, although progress remains slow. The economy bounced back strongly in 2021 with a growth rate of 12.4% – the highest among the six Western Balkan countries. The outlook has worsened significantly, however, with the outbreak of war in Ukraine. The tourism industry has been hit hard by rising prices and falling visitor numbers; Russians and Ukrainians account for 20% of the international market.

Political Conditions

Deep divisions continue between those who identify as Montenegrins and those who opposed independence from Serbia. A minority government, led by the pro-West United Reform Action, collapsed in August 2022, following a vote of no-confidence initiated by the former ruling Democratic Party of Socialists. An alliance of pro-Serb and pro-Western parties have agreed to form a new government, but pundits suggest a snap election remains likely.