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���������ֳ�’ affirmation of the Republic of North Macedonia’s Long-Term Issuer Default Ratings at ‘BB+’ with Negative Outlooks reflects continued material downside risks to growth and public finances following the significant pandemic shock and the indirect effects of the war in Ukraine.Higher energy and food prices, and a slowdown in the EU (70% of exports) will lead growth to decelerate to 2.8% in 2022 from 4.0% in 2021. ���������ֳ� expects a modest pick-up to 3% in 2023, but downside risks stem from a prolonged conflict in Ukraine, continued problems of global manufacturing supply chains or the fallout from abrupt energy supply disruptions from Russia.