Credit rating agency Standard and Poor's published a new report for Montenegro, confirming the earlier credit rating 'B +/B', the Ministry of Finance announced.
As the ministry stated, a stable outlook for the country was also confirmed, indicating that further movement of the rating was based on stable positions.
Noting the success of the implementation of fiscal consolidation measures, analysts of Standard and Poor's estimated that the Montenegrin economy would grow by 3.1% on average in the period 2015-2018. They added that it would be driven by growth in investment activities, predominantly in the tourism and energy sectors.
“In this regard, the assessment of real GDP growth for 2015 is 3.3%, and 3.8% for 2016. Although experts expects the deficit in the current year to exceed 6% of GDP, it will also have a decreasing trend in the period until 2018, when it would amount to less than 4% of GDP, as a result of the Government's programme of tax reform and efforts to combat the gray economy,” the Ministry said.
As they stressed, although the construction of priority section of the highway Bar-Boljare would strongly support economic growth in the coming five-year period, the representatives of the Agency believe that it could also cause an increase in the level of public debt and therefore pose a potential risk for public finances.