Robust growth, favourable FDI prospects, and strengthened external metrics drive the Outlook revision. High external debt, institutional weaknesses, and political challenges for Serbia's EU membership remain constraints.

A robust long-term growth outlook and sound fiscal policy support the ratings. Substantial external debt and structural current account deficits are constraints.

Resilient economy, moderate public debt and prudent fiscal policy support the rating. Structural current account deficit, a high foreign-currency share of public and private debt, and institutional weaknesses are challenges.