Growth is expected to recover gradually following a weak 2012, thanks to the effects of past fiscal stimulus, low interest rates and improving confidence. Exports will also pick up as world trade regains strength and competitiveness improves.
The fiscal stance is set to tighten in 2013 but the effect on the economy is expected to be limited. Further stimulus is not warranted unless growth turns out to be significantly worse than expected. The recent structural reforms should be implemented vigorously to bolster both long-term growth and fiscal sustainability.
Note: All data definitions based on internationally comparable standards and may differ in specific cases from common national definitions.
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