Seychelles: 2024 Article IV Consultation, Second Reviews Under the Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility, Requests for a Waiver of Nonobservance and Modification of Performanc

2024 Article IV Consultation, Second Reviews Under the Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility, Requests for a Waiver of Nonobservance and Modification of Performance Criteria-Press Release; and Staff Report; and Statement by the Executive Director for Seychelles

Seychelles: 2024 Article IV Consultation-Press Release; and Staff Report; and Statement by the Executive Director for Seychelles
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Volume/Issue: Volume 2024 Issue 191
Publication date: June 2024
ISBN: 9798400280047
$20.00
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Exports and Imports , Finance , Public Finance , Industries - Hospitality Travel and Tourism , Environmental Economics , framework enhancement , Seychellois authorities , government efficiency , tourism sector , government priority , Tourism , Government debt management , Imports , Global , Africa

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Summary

They Seychellois economy continues to recover from the effects of the pandemic but at a slowing pace. While tourist arrivals were about 91 percent of prepandemic highs and activity in the IT, construction, and fishing sectors was robust, real GDP growth slowed to about 3.2 percent in 2023. This is due partly to a complex disaster (flooding and an industrial explosion) in December and associated negative impacts on manufacturing. Inflation has been negative since May but appears to have troughed in December. The fiscal stance in 2023 was tighter than projected and, as a result, the ratio of public debt to GDP is moving more quickly back to pre-pandemic lows. The external position improved slightly relative to the previous year.