Assessment of the Impact of COVID-19 on the Business Sector and the Growth Prospects of the Montenegrin Economy
Jul 17, 2020
As the world grapples with the evolving health crisis, countries are inevitably sliding into recession that may leave deeper scars than the Great Depression. Small economies, such as Montenegro, are likely going to face the cascading effects, which threaten to wipe out the hard-won development gains and impede progress.
To gauge the magnitude and speed of the economic downturn, UNDP in Montenegro joined forces with partners to assess the ramifications. The report “Assessment of the Impact of COVID-19 on the Business Sector and the Growth Prospects of the Montenegrin Economy” analyses the impact of the coronavirus epidemic on micro, small, and medium enterprises, and entrepreneurs (MSME&Es) in Montenegro. They are in the focus, as the backbone of the economy, with 99.8% of companies falling into this category, providing a source of income for more than 70.0% of all employees.
The report provides the government, business sector and the international stakeholders, with specific recommendations on how to tackle the uncertainties and overcome the foreseeable bottlenecks. It encourages the decision makers to look beyond the crisis, and shape recovery scenarios that will strive towards 2030. This may be a unique opportunity to build forward better, in a more just, inclusive and sustainable way.