Summary:Growth this year is expected to remain moderate as strong domestic demand—buoyed by a fiscal expansion, a strong labor market, favorable monetary conditions, and lower energy prices—is offsetting weak external demand. Medium-term potential growth is projected to decline as the population ages. This keeps savings up and holds back domestic investment, contributing to the large and persistent current account surplus. Housing supply is slow to respond to swelling demand, putting pressure on prices in some areas. In the financial sector, the new supervisory and regulatory architecture is being implemented and the low interest environment is exacerbating underlying structural challenges.
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