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North Macedonia: Fitch upgrades rating after 13 years

GDP growth 3.4% in 2019, 3.6% in 2020

17 June, 14:17
(ANSA) - BELGRADE, JUNE 17 - The rating agency Fitch has upgraded long-term foreign and local-currency ratings of North Macedonia from BB to BB+ with a stable outlook. Fitch said that the decision is based on the "sustained period of improved governance standards," together with a "greater reassurance that the country will not revert to the political paralysis of 2014-2017." The improvement in the political scenario in the country "facilitated further progress towards NATO membership and the opening of EU accession negotiations, which support investor confidence and act as policy anchors for sustained reform and macroeconomic stability," Fitch added in a statement. The rating agency forecasted an acceleration of GDP growth to 3.4% in 2019 and 3.6% in 2020, from 2.7% in 2018 and just 0.2% in 2017.

"This is the first time in 13 years that Fitch has upgraded the rating of the country," the specialized portal Bne Intellinews noted. (ANSA).

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