Serbia tops Western Balkans in GDP per capita, IMF projects

The International Monetary Fund reports that Serbia leads the Western Balkans with a projected GDP per capita of $17,252 this year, followed by Montenegro at $16,377 and Albania at $12,493. Albania overtakes North Macedonia ($11,967) and Bosnia‑Herzegovina ($10,701), while Kosovo trails at $8,958.

For the 2026–2031 horizon, the IMF forecasts continued acceleration: Serbia is expected to reach $25,291 per capita, Montenegro $21,214, and Albania $17,353. The growth is attributed to Serbia’s manufacturing expansion and infrastructure upgrades, Montenegro’s tourism‑based economy, and Albania’s fiscal discipline and tourism sector gains. The Fund notes that deeper EU supply‑chain integration and institutional reforms will underpin the region’s prosperity, though geopolitical risks and energy prices could cause volatility.

Kosovo shows the strongest percentage increase in the outlook, projected at $12,483 per capita by 2031, contingent on improvements in the business climate and investment in technology. Overall, the IMF sees the Western Balkans moving from a post‑crisis transition to a phase of consolidated economic growth.