The economy will contract significantly in 2020. The economy is being stifled by measures in operation to contain the Coronavirus (COVID-19) pandemic and the collapse in energy prices. Consumer spending is affected by the containment measures and a drop in remittances, caused by the global pandemic. Real GDP will fall by about 0.8% in 2021 and will improve to grow by an annual average of around 2.2% in the medium term.
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