The economy will weaken in 2020. The global downturn and weak domestic conditions due to the Coronavirus (COVID-19) pandemic, notably worsening unemployment and falling consumption, have hurt the economy more than expected. Consumption will be held back by lower household and corporate incomes, rising unemployment, and more firms suspending operations. The prospect for investment is mixed. Real GDP growth will bounce back to 7.0% in 2021 and slip to about 5.5% in 2024-2027.
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