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North Macedonia’s ‘BB+’ rating is supported by a record of credible and consistent macroeconomic policies that underpin the longstanding de facto exchange-rate peg to the euro, more favourable governance indicators than peer medians, and an EU accession process that acts as a reform anchor over the medium term. Set against these factors are the high banking sector euroisation and high structural unemployment, partly reflecting a large informal economy and skills mismatches, together with weak productivity growth.