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Economic growth expected to touch 18% in next fiscal

11
Sep '08
The Ministry of Economic Development has submitted macroeconomic predictions to the Government for the 2009 state budget blueprint.

The macroeconomic predictions for 2009-12 were made on considerations of fluctuating oil prices and therefore in light of pessimist, medium and optimist scenarios. Growth rate of Gross Domestic Product (GDP) is expected to be at least 18 percent next year.

Decline in oil prices to US $70 per barrel until 2012 would qualify for a pessimistic forecast while the medium scenario envisages oil prices at $100 for 2009-12 and a optimistic projection forecasts oil prices at $125.

It has also been predicted that inflation is likely to decline to a single digit level in the medium term.


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