The economy will experience a sharp recession in 2020, due to a disruption in economic activity caused by the lockdown measures and an unprecedented fall in external demand. Despite substantial support measures put in place by the government, private consumption is projected has been hard-hit due to an increase in unemployment, a sharp drop in wage growth and weak consumer confidence. Growth of real GDP should bounce back to 3.5% in 2021, before gradually falling to around 2.5% annually by 2027.
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Country Profiles examine the economic and political trends in 210 countries and associated regions, serving as a one-stop-shop for data and analysis on the economy, political landscape and the business environment. This report series allows you to understand the macro-economic environment as a basis for strategic planning.
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