The rating agency Fitch Ratings has upgraded Friday the debt rating of Serbia, which changes from “B +” to “BB-” with a stable outlook, noting the “strong” government’s commitment to economic reform. The agency downgraded the rating of Serbia, according to a similar extent, there are two and a half years.
The Serbian budget deficit should fall to around 3% of Gross Domestic Product (GDP) from 2017 ” a significant improvement over the 6.6% posted in 2014, “wrote Fitch. Public debt is expected to peak at 77% of GDP this year but fell back to 74% in 2018.
The economy has returned to growth of 0.7% in 2015, posted a progress 3.5% yoy in Q1 2016, welcomed the agency noting that growth is “driven by investment and exports.” The government’s commitment to economic reform “seems strong”, supported in particular by an IMF program, the first three tests of step “seemed to be smooth sailing,” yet says Fitch.
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