Gabon budget projects return to growth of 1.5% this year

PUBLISHED: Fri, 11 Jun 2021 09:17:44 GMT
Gerauds Wilfried Obangome

Gabon is targeting a return to economic growth of 1.5% in 2021, according to a budget adopted by the government on Thursday, after a 1.8% contraction in 2020 due to the coronavirus pandemic and a fall in oil prices.

The Central African oil producer had been recovering from a 2014 slump in oil prices when the COVID-19 crisis and a fresh collapse in crude prices struck, increasing unemployment and widening the deficit.

The government’s economic forecast is roughly in line with that of the International Monetary Fund, which sees Gabon posting growth of 1.2% this year.e

(Reporting by Gerauds Wilfried Obangome Writing by Alessandra Prentice Editing by Jonathan Oatis)

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