In 2025 the general income reform and then the VAT.
On Monday, 3 February 2025, S&P Global Ratings published its full analysis, confirming its previous ratings. San Marino has embarked on an important path to diversify its economy and reduce the impact of the financial sector.
The most relevant factors that have contributed to these results are the following:
- reduction of the debt-to-GDP ratio, backed by a clear strategy over time. In this regard, it is necessary to support strict fiscal policies and effective public expenditure management, which would be a positive and meaningful signal to investors.
- rapid decrease in the risks associated with the banking sector, which generated a substantial increase in confidence in the entire financial system.
- availability of complete and transparent data on San Marino’s asset position.
In conclusion, San Marino’s rating is strongly influenced by its budget management and the stability achieved in the financial sector. Future economic developments and adopted policies will be crucial in determining the rating trajectory in the future.
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