Tonga:2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Tonga

2022 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility

Volume/Issue: Volume 2022 Issue 282

Publication date: August 2022

ISBN: 9798400216855

$20.00

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Natural Disasters , Tongan authorities , climate resilience , monetary policy mix , accommodative fiscal policy , priority area , Natural disasters , Debt sustainability analysis , Global , Australia and New Zealand

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Summary

Tonga’s nascent economic recovery following Tropical Cyclone Harold and border closures in early 2020 has been severely disrupted by a double blow from the Hunga Tonga–Hunga Haʻapai volcanic eruption and the first local outbreak of COVID-19 at the start of 2022. The authorities are augmenting reconstruction and restoration efforts, with support from the international community. Real GDP is projected to contract by 1.9 percent in FY2022 (July 2021–June 2022), before rebounding by 3.2 percent in FY2023 with a gradual reopening of international borders.