Fitch affirmed Serbia’s rating at BB+ with a stable outlook, citing its credible macroeconomic policies, prudent fiscal management, and relatively high human development and GDP per capita. Challenges include a higher proportion of foreign-currency-denominated public debt and extensive Euro-ization in the banking sector. Despite regional energy crises and geopolitical risks, Serbia’s economy grew by 2.5% in 2023, bolstered by trade and investment, with FX reserves increasing by 20% to EUR 27.9 bln.