Real GDP growth is forecast to slow to 0.9% in 2023 due to higher energy prices as a result of Russia’s war of aggression against Ukraine, weaker domestic demand and a deteriorating external environment, before recovering to 2.4% in 2024. Inflation should peak in early 2023 but is likely to remain above target by the end of 2024.
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The COVID-19 crisis has exposed long-standing issues in the health care sector, including the vulnerability of the population to respiratory illnesses linked to high air pollution. The main medium-term challenges are linked to the shortages of skilled workers and prevalence of micro and smaller firms with low productivity and weak connections to local, national and international markets. Addressing such challenges is key for digital and green transitions and ensuring their inclusiveness.
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2021 Structural Reform Priorities