Republic of Equatorial Guinea:2022 Article IV Consultation—Press Release; Staff Report; And Statement By The Executive Director for Republic of Equatorial Guinea

The COVID-19 pandemic in 2020-21, and Bata explosions in 2021, struck oil-exporter Equatorial Guinea at a time when its economic vulnerabilities had already been aggravated by a prolonged period of depressed hydrocarbon prices, and seven consecutive years of decline in real GDP.
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Volume/Issue: Volume 2022 Issue 267
Publication date: August 2022
ISBN: 9798400216718
$20.00
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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , asset declaration , audit report , gradual ease , headline inflation , Equatorial Guinea's NFA , Oil prices , Commercial banks , External sector statistics , Energy subsidies , Global , Africa , Arrears

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Summary

The COVID-19 pandemic in 2020-21, and Bata explosions in 2021, struck oil-exporter Equatorial Guinea at a time when its economic vulnerabilities had already been aggravated by a prolonged period of depressed hydrocarbon prices, and seven consecutive years of decline in real GDP. The economy is slowly emerging from the ravages of the 2020-21 shocks, buoyed by higher international oil prices. However, substantial challenges remain: (i) surging food prices and banking sector vulnerabilities cloud the short term, while (ii) declining hydrocarbon productionand the implied decline in external reservesloom over the medium term, especially in light of lagging governance and diversification reform implementation.

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