A rise in political, institutional, and regional geopolitical risk drives the Outlook change. Strong GDP growth and solid FDI inflows, a stronger external position, and modest public debt support the ratings.

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.