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International Monetary Fund. Western Hemisphere Dept.

-term outlook remains favorable though there are challenges in the near-term. While heatwaves and a severe drought have diminished 2022 GDP growth prospects to 0.3 percent, staff projects a rebound of 4.5 percent in 2023, and 3.5 percent growth over the medium term. End-2022 inflation would be above the central bank’s tolerance corridor of 4 percent +/- 2 percent, at about 8 percent, but is projected to converge back to the authorities’ target by end-2023. The authorities remain committed to their medium-term fiscal target of converging back to the 1.5 percent of GDP deficit