Government lowers growth forecast
The government has reduced its economic growth forecast for the current year from two per cent to 1.8 per cent. It has also warned that it may have to further revise its forecast if the current crisis deteriorates into a "war-like" situation.
The State Secretariat for Economic Affairs said the economy should keep running at a good capacity but added that the international slowdown and higher oil prices would weigh on its performance. The office expects a slight recovery in the economic situation in 2002 and anticipates a growth rate of two per cent.
The department said last week's suicide attacks on the World Trade Center and the Pentagon would not have any effects themselves on macro-economic growth. But it said a "war-like" situation could lead to a further downwards revision in the growth rate.
Officials said they expect inflation to run at around 1.5 per cent until the end of next year.
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