Republic of Equatorial Guinea: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Equatorial Guinea
IMF Staff Country Reports, February 7, 2024
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- Republic of Equatorial Guinea: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Equatorial Guinea
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Bibliographic details
- Published: February 7, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400265181.002
Macroeconomic outlook and growth projections
- Equatorial Guinea’s economy faces a continuous decline in oil production.
- Real GDP growth is projected to contract by 5.5 percent in 2024.
- The economy would remain on average in recession over the medium term.
- Near and medium-term growth prospects are described as challenging due to:
- the projected reduction in oil production, and
- lacklustre growth in the non-oil economy caused by underlying structural weaknesses.
Fiscal position and external sector
- The overall fiscal surplus is estimated to have dropped to 0.3 percent of GDP from 13.6 percent in 2022.
- The nonhydrocarbon primary fiscal deficit is expected at 23.3 percent of nonhydrocarbon gross domestic product (GDP), up from 22.7 percent of nonhydrocarbon GDP in 2022.
Policy priorities and recommendations
- Fostering nonhydrocarbon growth and inclusion is critical to long-term macroeconomic and social stability.
- Implicit policy focus areas (from assessment):
- Strengthen measures to diversify growth away from hydrocarbons.
- Address structural weaknesses constraining non-oil sector performance and inclusion.
Subject and thematic coverage
- Subjects listed: Commercial banks, Economic and financial statistics, External sector statistics, Financial institutions, Fiscal policy, Fiscal stance, International organization, Monetary policy, National accounts.
- Keywords include: Commercial banks, Equatoguinean economy, Equatorial Guinea's economy, External sector statistics, Fiscal stance, Global, governance strategy, government arrears, government's commitment, IMF's transparency policy, liability positions vis-à-vis nonresident, macroeconomic reform effort, U.S. dollar.
Republic of Equatorial Guinea: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Equatorial Guinea
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