GDP growth is projected to slow to 2.1% in 2023 and 1.9% in 2024, after two years of strong post-COVID growth of 5.5%. Lower inflation and a resilient labour market will support households’ consumption. Stronger external demand will underpin export growth. Better demand prospects will encourage private business investment, notwithstanding the rise in the cost of financing.
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A strong, resilient and inclusive recovery from the COVID-19 crisis requires improving productivity growth, by boosting digitalisation, innovation, and investment in intangible capital. It also requires addressing long-standing structural problems in the labour markets, reinforced by the pandemic: high unemployment, insufficient skills, large regional variation and a large share of workers on non-regular contracts.
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2021 Structural Reform Priorities