The near-term growth momentum remains strong, supported by
accommodative monetary and fiscal policies and sizable EU transfers. The economy is
operating above potential, with the unemployment rate at a historical low. But long-term
growth will be more subdued, unless adverse demographics and structural constraints
on investment and total factor productivity (TFP) growth are addressed. Some recent
policies, notably the reversal of the 2013 retirement age increase, will likely exacerbate
the decline in the working-age population and require additional fiscal consolidation
efforts. While the external environment has improved, both global and domestic policy
uncertainties continue to weigh on sentiment.
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