Fitch Confirms Serbia’s BB+ Credit Rating but Does Not Grant Investment Grade

In its rationale, Fitch highlighted Serbia’s careful fiscal policy management, strong economic growth forecasts, increased international reserves, and a higher GDP per capita compared to the average values of similarly rated countries.

"The positive outlook reflects robust investment-driven economic growth, supported by the ‘Leap into the Future – Expo Serbia 2027’ plan, continued reduction of public debt, strengthened external positions, and solid management of the recent inflationary shock," Fitch stated in its report.

The agency noted that fiscal policy, based on an International Monetary Fund program, will support further debt reduction in the medium term, alongside increased capital expenditures.

Fitch projects Serbia’s GDP growth to rise from an expected 3.9% in 2024 to 4.2% in 2025 and 4.4% in 2026, with an estimated long-term growth trend of 4%.

The report also mentions a degree of political instability in Serbia, referencing the resignation of Prime Minister Milos Vucevic following months of student and citizen protests over the railway station accident in Novi Sad.

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