“The macroeconomy suffers from a weak export performance, a shortage of energy, poorly defined and enforced property rights, including an absence of a comprehensive land title registry, a court system that is sub-optimal, and a generally cumbersome business environment,” says Jonathan Schiffer, senior credit officer in Moody’s sovereign risk unit. However, he adds: “With the exception of the trade performance, all these weaknesses are being addressed by government and multilateral projects.”
James Oates, senior adviser at UniCredit Markets & Investment Banking in London, believes that although the economic climate is still challenging, it is changing for the better.
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