Assessment and recommendations

Growth came to an abrupt halt in mid-2008 as the economy was hit by the global crisis, although the increase in the unemployment rate was smaller than anticipated. The economy exited recession in mid-2009, as the effects of the fiscal stimulus, easier monetary policy, improved financial conditions and an emerging recovery in world trade began to revive activity. Given the expected slowdown in household incomes, the fall in real and financial wealth of households and the need for rebuilding profits, it is likely that the domestic economy will remain sluggish in the short-term.

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