Economic Development of Montenegro and Its Progress Towards EU Membership

Montenegro is a small, open economy that even though it is among the latest European countries, it has made a big progress on its path towards the European Union. Currently, Montenegro is a candidate country for membership in the EU and the accession negotiations have begun in 2012. This paper deals with general information about Montenegro, its relationship with the European Union, and the substantial part of the paper is devoted to the analysis of selected determinants of economic development of this country in the context of the ongoing process of its integration into the European Union and economic convergence to the EU, what is the aim of this paper. Within the framework of this analysis, the selected macroeconomic indicators will be analyzed and compared with the development of the EU28 since the Montenegro's declaration of independence in 2006 to 2012.