Over the past decade (2005-2015), GDP increased by approximately 2.7% on average annually (inflation adjusted). The country had managed to retain steady growth over the past 15 years, with a small exception in 2009, when the country slipped into a slight recession (-0.2%). In 2015, the country again slipped into recession.
A number of new capacity additions, planned to come on stream in the next five years, should help the market achieve its potential and return to posting good growth rates over the next few years. Accordingly, we predict average annual growth rates of between 4.1% and 4.6%.
Report Data: 2015