New York, May 19, 2014 -- After engaging in significant fiscal consolidation over the past year, Montenegro's growth outlook is likely to benefit from a heavy pipeline of mostly foreign direct investment-funded investment projects in the tourism, energy and road infrastructure sectors starting this year, says Moody's Investors Service in a new report published today. In particular, the rating agency expects the tourism industry to solidify its role as growth driver over the next few years. At the same time, the country's reliance on foreign funding remains very large and exposes the economy to external shocks. Moreover, domestic bank lending remains depressed due to a large non-performing loan overhang from the country's rapid credit expansion before the crisis and from the double-dip recession thereafter.

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