Central Bank forecasts revival of economic growth next year

Date: 
Friday, May 27, 2016 - 00:00

The Central Bank's Monetary Policy Report is forecasting a gradual revival in economic growth for this country in 2017.

The report says according to early available information on the domestic energy production and the revised budget in April of this year, the 2016 economic outlook remains the same which is a contraction in the order of 2.5 percent for the whole of 2016. 

But as energy prices pick up and production increases, the Central Bank is projecting slight growth next year. 

However, it says it may take some time before the losses of 2015 and 2016 to be reclaimed. 

Globally the report says according to the International Monetary Fund's April 2016 economic outlook, following estimated growth of 3.1 percent in 2015, the global economy is projected to expand by 3.2 percent this year and 3.5 percent in 2017. 

According to the report, this slight upturn can happen if there is an improvement in energy exporters as prices slowly recover, a successful rebalancing of China's economy and growth in non-energy exporting emerging markets and developing economies.

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