After a strong first half of the year, economic growth is projected to reach 4.5% in 2023, before slowing to 2.9% in 2024 and 3.2% in 2025. Tighter financial conditions, subdued economic sentiment and stubbornly high inflation will moderate household consumption. However, investment growth will remain elevated due to ongoing reconstruction activity following the earthquakes at the beginning of this year. Exports will gain traction in 2025, reflecting stronger global growth. Inflation is projected to decline over the projection period, but will remain considerably high.
