The economy will experience a sharp recession in 2020. The Coronavirus (COVID-19) pandemic has triggered a large decline in output. Despite a shorter shutdown than in many countries, private consumption and investment have slumped. Private consumption will also be affected by higher unemployment. Consumer confidence has plummeted, which will slow the rebound of private consumption and investment. Real GDP will increase by 3.7% in 2021 and will decline to reach 1.5% per year in 2025-2027.
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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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