KEY ISSUESContext. Growth remains strong driven by robust exports, tourism, and construction,despite the recent floods and some slowdown during the 2013 national election. Theoutlook is favorable with renewed reform momentum after the elections but slowgrowth in Europe, the U.S. tapering, further extreme weather conditions, and sustainedlabor market instability continue to pose downside risks, while rapid credit growth andrenewed pressure on deposits could undermine financial stability. The authorities havecontinued to implement past staff recommendations, including mobilizing domesticrevenue,