Favorable international conditions will encourage exports, while higher wages, welfare transfers, and social security will mean more available income and result in higher consumer spending. Both private and public investments will increase. The uncertainly over the Second Track project will not impact the optimistic forecasts. The project is a multi-year undertaking, whose impact at the beginning will be limited.
The employment rate has increased dramatically, especially among the young and the older workers. Banks are now once again providing loans, while the growth in wages will match the increases in productivity. There are also several factors that could encourage even greater growth, primarily investments. Conversely, excessive increase in wages could slow the economic growth. The aging of the population remains a long-term concern.
Interest rate increases will also represent a challenge for the state of public finances because the sovereign debt remains high. It will only begin to decline this year, with the first forecast surplus after a decade of deficits.