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Montenegrin economy emerges from recession, says D...
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Montenegrin economy emerges from recession, says Deputy Prime Minister Vujica Lazovic
Published on: Sep 16, 2010 • 8:05 PM Author: Bureau
“All macroeconomic indicators, parameters and trends suggest that we are gradually coming out of recession. Montenegro, as a small economy, has been very susceptible to the impact of the crisis and, in that context, viewed from where we stand now, the Montenegrin Government took the right steps at the right time,” Deputy Prime Minister Vujica Lazovic told a press conference on Wednesday, September 15.
“And we have succeeded – we have managed to carry out a whole package of anti-crisis measures without triggering a rise in unemployment, as unfortunately has been the case elsewhere in the region and in many EU countries.”
Lazovic explained that, as early as the beginning of 2008, in an attempt to compensate for a lack of monetary policy instruments, the Government introduced a large package of fiscal measures, worth around 10 per cent of the national GDP.
“I believe that in this respect, in terms of GDP share, we are the record holders in the region, and maybe even beyond.”
Referring to the Government’s support to the banking industry, the Deputy Prime Minister said: “As you already know, we haven’t had any bank closures in Montenegro. Through a loan guarantee package, we managed to create conditions for sustainable operation of all Montenegrin banks.., which has enabled the functioning of the national financial system and the economy in general.”
He underlined, in particular, the efforts made in maintaining and promoting the general competitiveness of the national economy.
“At the same time, we took account of the time that lies ahead and our job was not to allow the anti-crisis program to undermine the competitiveness and attractiveness of Montenegro’ economic environment. And in this we have succeeded. No only that we haven’t reduced our competitiveness, we have in fact managed to improve it,” Lazovic said, quoting this year’s Global Competitiveness Report by the World Economic Forum, which improved Montenegro’s ranking by 31 places.
“And we have succeeded – we have managed to carry out a whole package of anti-crisis measures without triggering a rise in unemployment, as unfortunately has been the case elsewhere in the region and in many EU countries.”
Lazovic explained that, as early as the beginning of 2008, in an attempt to compensate for a lack of monetary policy instruments, the Government introduced a large package of fiscal measures, worth around 10 per cent of the national GDP.
“I believe that in this respect, in terms of GDP share, we are the record holders in the region, and maybe even beyond.”
Referring to the Government’s support to the banking industry, the Deputy Prime Minister said: “As you already know, we haven’t had any bank closures in Montenegro. Through a loan guarantee package, we managed to create conditions for sustainable operation of all Montenegrin banks.., which has enabled the functioning of the national financial system and the economy in general.”
He underlined, in particular, the efforts made in maintaining and promoting the general competitiveness of the national economy.
“At the same time, we took account of the time that lies ahead and our job was not to allow the anti-crisis program to undermine the competitiveness and attractiveness of Montenegro’ economic environment. And in this we have succeeded. No only that we haven’t reduced our competitiveness, we have in fact managed to improve it,” Lazovic said, quoting this year’s Global Competitiveness Report by the World Economic Forum, which improved Montenegro’s ranking by 31 places.
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