Podgorica, (MINA-BUSINESS) – According to the Ministry of Finance, the credit rating agency Standard&Poor’s (S&P) has affirmed the stable outlook for Montenegro.
“S&P has published a new report for Montenegro, affirming the country’s outlook as stable, maintaining its B+/B rating,” the Ministry says in a press release.
The Ministry says that the S&P analysts affirmed that Montenegro was going in the right direction, estimating its last year’s economic growth at 4.7 percent, up from its original 3.5 percent projection.
The report says that many activities in the tourism and energy sector contributed to the economic growth.
“Furthermore, there is a growing potential for early implementation of structural reforms, necessary for Montenegro to become a member of the EU,” the press release says.
According to the press release, Montenegro’s credit potential is also strengthened by the prospect of joining the European Union, which is accompanied by the strengthening of institutions.
“As a backbone of the future development of Montenegro, the report also mentions significant amount of direct foreign investments in the past five years, amounting to an average of more than 10 percent of GDP,” the Ministry says.
However, there remains a risk that the Montenegrin economy could be affected by the loss of interest of foreign direct investors.
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