The economy should recover in 2021, led by an increase in private consumption as pent-up demand is released. An anticipated increase in the oil price should underpin the recovery as foreign demand returns. The economy should continue its recovery in 2022, with real GDP growth of 3.9%, before gradually slipping to growth of around 2.3% per year by 2028. The economy will be supported by supported by the authorities’ intention to increase liquefied natural gas production capacity.
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