“We anticipate that such measures will be implemented again in 2024, improving disposable incomes and stimulating household spending. All told, we forecast private consumption growth to tick up to 3.8% in 2024, up from 3.2% in 2023, contributing 2.9 percentage points to headline real GDP [gross domestic product] growth”.
It added that a moderation in consumer price inflation, due to more favourable exchange rate dynamics, will strengthen household spending.
Again, the likely implementation of social support programmes ahead of the December 2024 elections will support disposable incomes and stimulate domestic consumption.
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