Economy likely passed the bottom in the third quarter but real GDP will still fall by 11% in 2015. If most of our assumptions hold, real GDP is expected to grow by over 2% in 2016. Tax reform that we assume will take effect next year is not likely to affect economic situation substantially in 2016. In the medium run, the reform might improve investment climate and boost economic growth, if proposed change of PIT and EPT and social contribution rates to 20% is combined with more fair tax administration.
