Macro - Country Economic Forecasts - East Timor
We expect non-oil real GDP growth for East Timor will recover further to 3.3% this year, from an estimated 2.3% y/y in 2023. Expansionary fiscal policy will continue to be the main engine of growth, given the 2024 budget planned expenditure is about 14.5% higher than last year. The medium-term outlook is now more optimistic owing to the progress of the Greater Sunrise oil fields project. All parties in the Sunrise joint venture recent agreed to undertake a study to evaluate the specific requirements of the project.
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