Growth was strong after independence
Rapid catch-up stalled after the crisis
Income inequality is low
Well-being outcomes: Better Life Index
Key macroeconomic developments
The banking sector was hit hard by the boom-bust credit cycle, but restructuring efforts have resulted in improvements
The banking sector remains weak and credit activity is subdued
The debt overhang is concentrated in a few companies
Deleveraging has been under way, while corporates still face elevated funding costs
The government pursues fiscal consolidation but public debt keeps rising