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Mozambique: Economy in recession in 2021, expected to grow 4% in 2022 – World Bank
10:24 CAT | 05 Mar 2021
File photo: Lusa
The World Bank on Friday said that Mozambique’s economy is expected to remain in recession this year, falling by 0.8% of GDP, after in the past falling by 1.3%, recovering only in 2022.
“Mozambique’s economy is expected to gradually recover from 2021 but substantial downside risks remain due to uncertainty surrounding the path of the COVID-19 (coronavirus) pandemic,” according to the World Bank’s latest analysis of the Mozambican economy, released on Friday in Washington.
“While the economy registered its first contraction in 2020 in nearly three decades, growth is expected to rebound over the medium-term, reaching about 4 percent by 2022,” the text said.
The report notes that job losses and business closures, while significant, were comparatively lower than in comparable countries.
Praising the government for the rapid measures, not only at the health level but also economic and monetary, the report advocates a strengthening of the measures adopted during the first wave, to have the same positive effect during the second wave of the pandemic.
In addition to measures to support the economy, the report argued the need to advance in structural reforms, pointing out that in the pandemic’s recovery phase, policies focused on economic transformation and job creation, especially for young people, will be critical.
In addition to measures to support the economy, the report argued the need to advance in structural reforms, pointing out that in the pandemic’s recovery phase, policies focused on economic transformation and job creation, especially for young people, will be critical.
Source: Lusa
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