A sudden stop to a growth story

Poverty is on the rise again

The pandemic interrupted a long spell of sustained growth

Income and productivity convergence started decelerating around 2014

Consumer price inflation is low

A number of macroeconomic vulnerabilities have resurfaced

The sovereign risk premium has decreased since March 2020 but remains high

Debt will rise in the aftermath of COVID-19, but remain sustainable

The financial sector is profitable and the authorities consider it well capitalised

Credit growth to the real sector has weakened from very high levels