These confirmations, however, came with a very clear message: further improvements in the macroeconomic fundamentals are required, suggesting that, in the absence of demonstrable progress being made as part of a concerted effort involving all social partners, the risk of downgrades during the next reviews towards the end of this year should not be underestimated.
Recent economic growth developments As I move towards the end of my remarks, let me make a few comments on domestic growth developments and touch on monetary policy issues before I conclude. After achieving pedestrian growth of only 1,3 per cent during 2015, the economy contracted by an annualised 1,2 per cent in the first quarter of 2016.