The Venture Capital & Private Equity
Country Attractiveness Index
Alexander Groh, Heinrich Liechtenstein, Karsten Lieser and Markus Biesinger

Montenegro  
Rank: 77 · Score: 43.9  

Basic facts, 2020        
Population (millions) 0.6   IPOs and pulic issues (quartile) Bottom
GDP (US$ billions) 5.0   M&A volume (quartile) Bottom
GDP per capita (US$) 7,914.0   Venture capital investments (quartile) Bottom
GDP growth (per cent) -12.0   Private equity investments (quartile) Bottom
 
 
 
Performance Overview
Indicator   Rank / 125 Rank Trend Score
VC/PE Country Attractiveness Index 77 41, 43, 49, 47, 48 43.9
1 Economic Activity 122 6, 7, 6, 3, 3 42.0
2 Depth of Capital Market 74 44, 46, 51, 50, 51 36.1
3 Taxation 77 27, 38, 55, 49, 48 88.5
4 Investor Protection and Corporate Governance 40 82, 82, 82, 83, 85 76.5
5 Human and Social Environment 61 60, 60, 62, 65, 64 31.1
6 Entrepreneurial Opportunities 75 57, 52, 51, 46, 50 43.6


 
Historic performance, 2017-2021   Key driver performance, 2021
 

   
VC/PE Rank  
VC Rank  
PE Rank
Montenegro  
Eastern Europe
 
 
 
Peer Group Comparison
 
Regional Peers Economic Activity Depth of Capital Market Taxation Investor Protection and
Corporate Governance
Human and Social
Environment
Entrepreneurial
Opportunites
Serbia 67.2 41.6 78.1 62.1 31.2 55.9
Slovakia 73.7 30.2 97.9 66.4 31.9 56.4
Belarus 70.7 35.3 93.4 54.3 36.9 49.1
Montenegro 42.0 36.1 88.5 76.5 31.1 43.6
Ukraine 75.1 21.7 94.6 57.4 30.7 49.0
Macedonia 50.5 14.2 97.5 65.0 25.2 45.3
Bosnia-Herzegovina 55.9 18.3 77.6 48.7 21.4 38.1
Last updated: 21 Jun 2021