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Country Risk Service North Macedonia 4th Quarter Updater

  • ID: 4861764
  • Country Profile
  • Region: Macedonia
  • 21 Pages
  • The Economist Intelligence Unit
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The sovereign risk rating was at BB in The Economist Intelligence Unit's latest ratings report, in August. The government has improved fiscal transparency, and the sustainability of the pension and healthcare systems. External debt is higher than the median for other BB-rated countries, but public debt is broadly in line with the BB-rated median.

The currency risk rating was at BB and the score was 43. Foreign-exchange reserve coverage of short-term debt is lower than the median for BB-rated countries, but gross financing coverage is adequate. The risk rating outlook is stable, as the denar does not appear overvalued and authorities are committed to maintaining the de facto peg to the euro in 2019-20.

The banking sector risk rating was at BB and the score was 46. Non-performing loans fell to 5% of the total loan stock in 2018 and are fully provisioned. Capital-adequacy and liquidity measures indicate a banking system that is stable overall.
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Country Risk Service North Macedonia 4th Quarter Updater

Risk assessment
Sovereign risk
Currency risk
Banking sector risk
Political risk
Economic structure risk

Definitions
Sovereign risk
Currency risk
Banking sector risk
Political risk
Economic structure risk
Overall country risk

Central scenario for 2020-24: Political stability

Central scenario for 2020-24: Election watch

Central scenario for 2020-24: International relations

Central scenario for 2020-24: Policy trends

Central scenario for 2020-24: Fiscal policy

Central scenario for 2020-24: Monetary policy

Central scenario for 2020-24: Economic growth

Central scenario for 2020-24: Inflation

Central scenario for 2020-24: Exchange rates

Central scenario for 2020-24: External sector

Key risk indicators

Ratings summary

Quarterly indicators

International assumptions summary

Economic structure

Public finances

Exchange rates, interest rates and prices

Financial sector

Current account

International liquidity

Foreign payment and liquidity indicators

External trade

External financing requirement

External debt stock

External debt service
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