We project that GDP growth will measure 2.7% in 2021, owing mainly to a recovery of exports and modest growth in investment and consumption. This forecast represents a downward revision of GDP growth relative to the January forecast, mainly because the 2020 contraction turned out smaller than we had expected.
In 2022, we project growth at 4.9%, as we expect both exports and domestic demand to rebound even more strongly. In the final year of the forecast horizon, 2023, we forecast 2.9% growth, as the impact of COVID-19 will be tapering off and the economy will have somewhat rebalanced.
