However in a statement it said "the ratings are constrained by
The ratings agency estimates that the country's trend economic growth, which is a criteria defined as a weighted 10-year average of the change in real GDP per capita, will see a contraction of about 0.8 per cent.
"We expect countries with similar wealth levels to
"However, over the medium term,
It also pointed to the uncertainty surrounding the size of the resident population is uncertain, especially the size of the non-national population, which accounts for about two-thirds of the total population. This makes the calculation of output per capita more challenging than in most other rated sovereigns.
Standard & Poor's forecast that general government and current account surpluses will remain above 15 per cent and 25 per cent of GDP, respectively, until 2017.
"We also expect that
"We anticipate that transparency with regard to government assets will remain low and that geopolitical tensions in the region will not escalate. We expect only marginal diversification of the economy over the next two years and estimate trend growth as a contraction in per capita economic output of 0.8 per cent. We also estimate that
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