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Sep 07, 2023 15:13 EEST
September 7 (SeeNews) - Standard & Poor’s affirmed Montenegro’s credit ratings at B/B with a stable outlook, the country's finance ministry said.
The stable outlook reflects expectations that Montenegro's economic growth will continue to be supported by the tourism sector, which remained stable despite the war in Ukraine, the ministry said in a statement on Wednesday.
The agency expects the country's fiscal deficit and balance of payments risks to remain under control, it added.
Standard & Poor’s expects Montenegro’s economic growth to slow to 3.2% 2023, compared with a 6% expansion in 2022. At the same time, the budget deficit is expected to shrink to 3.2% of GDP in 2023 from 5.2% in 2022.
Foreign direct investments are expected to amount to about 10% of GDP in the medium-term.
The agency notes that Montenegro's rating could improve if fiscal consolidation accelerates, alongside economic base expansion, thus enhancing resilience to external shocks.
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