The outlook revision was backed by an increase in net foreign direct investment (FDI) diversification, as well as by stronger external buffers, both of which should help Serbia decrease possible balance of payments risks, the ratings agency said in a statement on Friday.
"We expect Serbia's economy will expand by about 7% in 2021 and by over 4% in 2022, following only a shallow contraction last year," S&P added. S&P said it based its growth forecast on Serbia's not-so-stringent coronavirus restrictions on the economy, as well as to effective fiscal and monetary policy of the country's central bank.
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