Robust growth prospects, strong reform momentum and strengthening external position drive the Outlook change. Low economic diversification, moderate income levels and adverse demographics are challenges.

Steady improvements in fiscal fundamentals and strong medium-term growth prospects drive the upgrade. Moderate economic diversification and adverse demographic trends remain key credit constraints.

A firmly declining debt trajectory and favourable medium-term growth prospects drive the Outlook revision. Low economic diversification and adverse demographic trends are the main credit constraints.