Macro - Country Economic Forecasts - East Timor
Given that the Bayu-Undan oil field is close to depletion, headline GDP will likely contract by 5% y/y in 2024, though non-oil GDP should still grow by 3.3%. Assuming that the field runs out by year's end, GDP growth will likely reach 3.9% y/y in 2025 from an expansion of fiscal policy, as the budget for 2025 is USD2.5bn, up from USD2bn in 2024.
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