Madagascar continues to be classified as an economy presenting high risk for businesses. In its latest assessment, the French export credit insurance company Coface maintains the country at a "C" rating for both country risk and business climate. This assessment, widely followed by investors, banks and exporters, means that commercial operations remain possible but require rigorous risk management and thorough analysis of partners' solvency. Despite relatively favorable economic prospects, the credit insurer believes that several structural weaknesses continue to hinder the attractiveness of the Great Island. According to Coface, the Malagasy economy should continue its growth thanks to public investments, the mining sector, textiles and a gradual recovery in tourism. The institution projected GDP growth of 4.6%, with inflation declining to around 7% and public debt representing 55.5% of GDP. However, the latest official data from the Government, published in the 2026 Amended Finance Law, are more cautious. Authorities revised their growth forecast to 3.8%, down from the initially expected 4.8%, notably due to the effects of cyclones Fytia and Gezani, international geopolitical tensions and rising energy costs. This revision does not, however, call into question Coface's assessment. The insurer considers that Madagascar remains facing significant vulnerabilities. The economy remains heavily dependent on a limited number of export products. Nickel represents approximately 26% of the country's exports, while vanilla accounts for nearly 17%. A decline in world prices of these commodities can therefore quickly affect export revenues, foreign exchange reserves and economic growth. To this dependence are added persistent internal constraints. Coface recalls that Madagascar has a GDP per capita of only $530.5, has nearly 29.8 million inhabitants and remains confronted with massive poverty, insufficient infrastructure and high exposure to natural disasters. Difficulties in accessing electricity, high logistics costs and administrative delays continue to weigh on business competitiveness. Facing this situation, the Government is banking on strengthening public finances. The Amended Finance Law maintains domestic tax revenues at 6,221.7 billion ariary and provides for 5,202 billion ariary in customs revenues. New fiscal measures should generate an additional 527 billion ariary. In parallel, technical and financial partners are increasing their support: disbursements of loans for investment projects now reach 4,775.5 billion ariary, while budget support increases from 1,127.8 billion to 2,276.9 billion ariary. These budgetary efforts reflect the authorities' determination to support economic activity in an uncertain international context. They complement the reforms undertaken to improve revenue mobilization, strengthen public finance governance and accelerate structural investments. Nevertheless, the "C" rating assigned by Coface reminds us that macroeconomic progress is not yet sufficient to change risk perception. By comparison, African countries such as Mauritius (A4), Morocco (B), Côte d'Ivoire (B) and Senegal (B) benefit from more favorable assessments, while Madagascar remains in a category where businesses must contend with a more fragile economic environment. Conversely, the country ranks better than several African economies rated D or E, such as Zimbabwe, Sudan or Burundi. To improve its position in future assessments, Madagascar must transform its growth into more inclusive development, continue diversifying its economy, strengthen legal security for investments, modernize its infrastructure and increase business resilience to climate and economic shocks. As long as these structural challenges are not fully addressed, the country should maintain, according to Coface, a high-risk profile for economic actors.