Solomon Islands: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Solomon Islands

2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Solomon Islands

Volume/Issue: Volume 2022 Issue 014

Publication date: January 2022

ISBN: 9798400200106

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Topics covered in this book

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Exports and Imports , Finance , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , IMF executive board staff , financing gap , CBSI data , COVID expenditure , land mass , COVID-19 , External sector statistics , Pacific Islands , Global

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Summary

Strong and timely containment measures have successfully prevented a domestic COVID-19 outbreak but have also weighed on economic activity and aggravated pre-existing socio-economic tensions. Following a contraction in 2020, growth is projected to recover gradually starting this year and to gain strength as containment measures are relaxed and borders re-opened. Elevated pandemic-related uncertainties as well as longstanding social, economic and governance challenges and vulnerability to natural disasters pose headwinds to inclusive growth. Despite strong external buffers, weaker fiscal position increases vulnerability to shocks, while the decline in logging weighs on fiscal revenues and growth prospects.