Outlook and Risks. Real GDP growth and inflation moderated in 2023 and are projected
to decline further over the medium term as the output gap closes and global commodity
prices fall. The fiscal position remains robust, but debt dynamics have become more
challenging due to the increase in the interest rate – growth differential, with public debt
projected to remain above 50 percent of GDP over the next decade. Risks to the outlook
include further increases in commodity prices and climate-related disasters.