Just as the country’s strong macroeconomic fundamentals have provided a degree of cushion during past crises, we remain cautiously optimistic that the same factors will serve as the country’s first line of defense and continue to keep the economy afloat amid the current crisis.
Private consumption also is likely to continue on a moderate increasing trend as the employment and income situation continues to improve steadily. However, it is necessary to pay close attention to the effects of the consumption tax hike on private consumption. 2. Prices Let me now turn to price developments.