Growth will be driven by robust export performance, benefiting from continued global expansion and competitiveness gains; solid private consumption growth, supported by rising employment and gradually rising compensation per employee; and increased investment spending, reflecting the realisation of new investment projects, thanks to the gradual improvement in both confidence and financing conditions.
The outlook is subject to downside risks relating to delays in reform implementation and privatisations and a possible backtracking from previous commitments, including, in particular, court decisions on previous pension reforms.