Confirmation for the credit rating of the Republic of Macedonia to “BB +” by the credit rating agency “Fitch” is an indicator of macroeconomic and fiscal stability of the country and a signal that the government’s policies are good and result in positive reviews. According to “Fitch” the rise of the Macedonian economy in 2013, thanks to the excellent results in construction, will be 2.7 percent and for 2014 and 2015, they predict more intense growth as a result of rising exports and capital investment.
This at a press conference today stated the Deputy Prime Minister and Minister of Finance, Zoran Stavreski, adding that this is a good indication of the fact that the same credit agency at the same time reduced the credit rating of several European countries and the region.
- “Fitch”, bases the ratings on two factors, the improved economic performance in the second half of the year and the level of government debt, which is among the lowest in Europe. Macedonian economy is recovering more than expected as a result of construction and exports. The next time the credit agency predicts that the Macedonian economy will have more solid growth based primarily on capital investment and export companies in TIDZ, said Stavreski.
According to the report, the second strength of the Macedonian economy is low debt, below 34 percent of GDP. Based on all the information, “Fitch” estimates that the Republic of Macedonia for the next two years will have low level of debt that will range from 36 and 37 percent of GDP.
- We are satisfied with the credit rating, because in this way sends a strong signal to investors that Macedonia is a country with macroeconomic and fiscal stability. Simultaneously sends signal to banking organizations that we have healthy macro-economic policies, which makes our country different from the country in the neighborhood, added Stavreski.
In the medium term, “Fitch” estimates that the Government will fulfill the objectives that are given in the fiscal strategy, and that the budget deficit will be determined within 2.6 percent of GDP by 2016. According to the forecasts of “Fitch”, the European Union, largest trading partner of Macedonia, gradually will recover from the economic crisis and will positively affect the trade balance in Macedonia.