{
  "title": "Gabon: 2015 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Gabon",
  "publication": "IMF Staff Country Reports, March 18, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/gabon-2015-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-43802",
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  "summary": "This paper discusses challenges, outlook, and risks of Gabon’s economy. Gabon’s economy is facing mounting headwinds. Economic activity benefited from a one-off boost in oil production in 2015, due to the introduction of new oil fields and productivity improvements, which are expected to help mainta",
  "sections": [
    {
      "heading": "Executive summary: challenges, outlook, and risks",
      "content": "- Gabon’s economy is facing mounting headwinds.\n- Economic activity benefited from a one-off boost in oil production in 2015, due to the introduction of new oil fields and productivity improvements.\n- Overall growth is expected to be about 4 percent in 2015.\n- The slowdown in non-oil economy activity continued, led by construction, transport, commerce, and services.\n- The main downside risk to the outlook remains weak fiscal adjustment to sharply lower oil prices.\n- In the event of weaker-than-projected performance on oil revenues or government spending, the government would be forced to substantially draw down on its deposit buffer and/or significantly increase borrowing."
    },
    {
      "heading": "Key findings and sectoral details",
      "content": "- Oil sector:\n  - One-off boost in oil production in 2015 attributed to new oil fields and productivity improvements.\n  - Oil production developments expected to help maintain overall growth about 4 percent in 2015.\n- Non-oil sector:\n  - Continued slowdown in activity, led by construction, transport, commerce, and services.\n- Fiscal risks:\n  - Sharp decline in oil prices creates a need for fiscal adjustment.\n  - Weak fiscal adjustment is identified as the main downside risk.\n- Financing risks:\n  - Potential forced actions if oil revenues or government spending underperform:\n    - Substantial drawdown on the government's deposit buffer.\n    - Significant increase in borrowing."
    },
    {
      "heading": "Policy implications and considerations",
      "content": "- Prioritize credible fiscal adjustment to manage exposure to lower oil prices.\n- Maintain or rebuild fiscal buffers to avoid large deposit drawdowns.\n- Limit reliance on increased borrowing that could raise public debt vulnerabilities.\n- Address non-oil sector weaknesses in construction, transport, commerce, and services to support more diversified growth.\n\n---\n\n Content in this bundle\n\n- cr1686 — Staff Report excerpt\n  - cr1686 — Staff Report excerpt (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1686 — Staff Report excerpt (PDF){rel=\"external\" type=\"application/pdf\"}\n- cr1686f\n  - cr1686f (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1686f (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 18, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484300848.002",
    "Gabon’s economy is facing mounting headwinds.",
    "Economic activity benefited from a one-off boost in oil production in 2015, due to the introduction of new oil fields and productivity improvements.",
    "Overall growth is expected to be about 4 percent in 2015.",
    "The slowdown in non-oil economy activity continued, led by construction, transport, commerce, and services.",
    "The main downside risk to the outlook remains weak fiscal adjustment to sharply lower oil prices.",
    "In the event of weaker-than-projected performance on oil revenues or government spending, the government would be forced to substantially draw down on its deposit buffer and/or significantly increase borrowing.",
    "Non-oil sector:",
    "Fiscal risks:",
    "Financing risks:",
    "Prioritize credible fiscal adjustment to manage exposure to lower oil prices.",
    "Maintain or rebuild fiscal buffers to avoid large deposit drawdowns.",
    "Limit reliance on increased borrowing that could raise public debt vulnerabilities.",
    "Address non-oil sector weaknesses in construction, transport, commerce, and services to support more diversified growth.",
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