The international credit rating agency Fitch elevated Macedonia’s outlook from negative to stable. The country remains rated BB+.

This slight improvement in the rating means that Macedonia’s economy proved resilient to the external pressures, mainly the war in Ukraine, and that the country continues to maintain macroeconomic stability. The agency also notes the reduction of the deficit from 5.4 percent of GDP in 2021 to 4.5 percent in 2022. Fitch expects that the inflation rate will go down to 4.1 percent in 2024.