The International Monetary Fund is circulating a summary of the March 2017 economic consultation with the government. The IMF remarks that the economy continues to grow rapidly, buoyed by low energy prices, strengthening labor markets, dynamic investment and the economic recovery in the United States.
In addition, lower oil prices have balanced the effects of strong domestic demand on inflation and the strengthened external account of the country. Inflation averaged 1.75% and real GDP expanded 6.6% in 2016. The public debt was at an estimated 49.7% of GDP by end-year.
The IMF concludes that the outlook is favorable: “The pace of expansion — which averaged around 7 percent over the past three years — is tapering off towards potential, inflation is set to increase to target as commodity prices recover, and a healthy financial sector is well poised to support growth.”
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IMF
17 August 2017
