Author/Editor:

International Monetary Fund. Western Hemisphere Dept.

Publication Date:

September 25, 2018

Electronic Access:

Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The economy is slowly recovering from a prolonged recession driven by energy supply shocks and low energy prices. With signs of improvement in the energy sector growth from the second half of 2017, the economy is expected to return to positive growth in 2018 as the recovery takes hold in both the energy and non-energy sectors. Good progress has been made in implementing fiscal consolidation. The financial system remained stable notwithstanding the deep recession in the past two years, with well-capitalized and profitable banks, and low levels of non-performing loans. As the recovery gathers pace, policies need to focus on completing the fiscal adjustment while insulating the economy from future commodity price swings, and creating an enabling environment for the non-energy sector.

Series:

Country Report No. 18/285