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Economy & Business - August 2005

Problems mount

On 23 August the finance ministry bowed to the local consensus from independent economists and cut its forecast for growth this year from 3.8% to 3.5%. The finance ministry, unlike most local analysts, still believes that the economy will pick up in the second half of the year. In the first half of the year, the growth rate was 2.8%. In 2004 the economy grew by 4.4%, the best performance since President Fox took office in 2000.

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