Growth in real GDP is projected to slow from 3.2% this year to 1% in 2023 before strengthening to 1.3% in 2024. Higher borrowing costs will weigh on consumer spending while export growth moderates in the near term amid deteriorating conditions abroad. Softer aggregate demand will relieve pressure on capacity, aided by continued recovery in non-housing investment.
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Building a more resilient and inclusive economy requires strengthening welfare policy. The pandemic highlighted a general problem of weak backing for those unemployed or experiencing poverty, the gender-wage gap remains large and Indigenous peoples remain under-privileged in most socio-economic dimensions.
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2021 Structural Reform Priorities