South Sudan Economic Update, December 2020 : Socioeconomic Impacts of COVID-19
The South Sudan economy had recorded a strong growth pickup before the COVID-19 pandemic, with real GDP growth estimated at 9.3% in FY2019/20 but a contraction of -3.4% is projected in FY2020/21. Oil production was estimated at 62.1 million barrels in FY2019/20, representing a 26.5% increase from 49...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/440961614950205838/South-Sudan-Economic-Update-Socioeconomic-Impacts-of-COVID-19 http://hdl.handle.net/10986/35217 |
| Summary: | The South Sudan economy had recorded a strong growth pickup before the COVID-19 pandemic, with real GDP growth estimated at 9.3% in FY2019/20 but a contraction of -3.4% is projected in FY2020/21. Oil production was estimated at 62.1 million barrels in FY2019/20, representing a 26.5% increase from 49.1 million barrels realized in FY2018/19. However, oil production is expected to decline to 58.4 million barrels in FY20/21, as COVID-19 restrictions impacted movement of machinery and OPEC+ production cuts affected production. With COVID-19 restrictions delaying new investment, activity in the oil sector is not expected to improve until FY2022/23 when oil production is projected to rise to 60.2 million barrels. At the same time, the country has experienced concurrent shocks with floods, locust infestation, and higher subnational conflict intensity contributing to a dire economic outlook. Consequently, the economy is projected to contract by -3.4% in FY2020/21, driven by subdued economic activity in both oil and non-oil sectors. Beyond FY2020/21, recovery is projected on the assumption of a rebound in the global economy (that will support higher oil prices, investment, and remittances), commitment to a credible reform process, sustainability of peace, and resilience to climatic shocks |
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