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THE ECONOMY PICKED UP IN 2007 despite the continued decline in oil production, which has been undermining growth since 2005.Growth was estimated at 3.6 per cent in 2007, as against 3.2 per cent in 2006. This trend should continue in 2008 and 2009, with 4.8 and 4.6 per cent growth projected respectively. Public investment should be the main driver, fuelled by substantial resources liberated through debt reduction. The implementation of fiscal reform in 2008 should reduce the country's dependence on diminishing oil revenues.
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Document Type: Review Article

Publication date: May 1, 2008

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