Quarterly Macroeconomic Review: April—June 2019
The second quarter of 2019 showed a mixed set of developments on the macroeconomic front, with adverse outturns seen in some areas (inflation, exports, continued fx challenges) alongside fairly positive developments with respect to year-end tax collections, private sector credit growth, progress on privatization, and improved debt sustainability indicators. The growth rate for the fiscal year ending in June 2019 (likely to come out in late 2019) should show a broadly positive economic momentum, in our view, as we expect a near 8 percent outturn largely on the strength of services and construction sector activity…