With economic growth having stalled owing in no small measure to the prolonged lockdown, private sector employment is set to be severely reduced. Pressure is also mounting on the public sector to reduce employment numbers given the extreme pressure on government finances. Consequently, real household income growth is could show a decline of some 11% in 2020 following growth of only 0.9% in 2019. A slow recovery in HDI is foreseen, with the 2021 growth forecast at 3% y/y.
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