{
  "title": "Tonga: 2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Tonga",
  "publication": "IMF Staff Country Reports, February 1, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/01/28/tonga-2020-article-iv-consultation-and-request-for-disbursement-under-the-rapid-credit-50048",
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  "summary": "Tonga’s recovery following the devastation of the 2018 Cyclone Gita has been derailed by a double blow from the pandemic and Cyclone Harold. FY2020 GDP growth is estimated to fall to -2½ percent due to domestic containment measures, a sudden stop in tourism, and investment delays.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Tonga’s recovery following the devastation of the 2018 Cyclone Gita has been derailed by a double blow from the pandemic and Cyclone Harold.\n- Early actions to close external borders have kept Tonga COVID-19-free."
    },
    {
      "heading": "Macroeconomic impact and projections",
      "content": "- FY2020 GDP growth is estimated to fall to -2½ percent due to:\n  - domestic containment measures,\n  - a sudden stop in tourism,\n  - investment delays.\n- The full brunt of the pandemic will be felt in FY2021 (beginning July) during peak tourism season, when a deeper contraction is expected.\n- Beyond FY2021, the recovery is expected to resume in line with the global recovery, but the magnitude and trajectory is uncertain."
    },
    {
      "heading": "Policy response and near-term implications",
      "content": "- Prompt economic support and early border closures helped avoid a worse outcome.\n- Key near-term priorities implicit in the assessment:\n  - Maintain public health measures that have kept the country COVID-19-free.\n  - Continue targeted economic support to cushion the pandemic’s immediate impact on households and businesses, especially tourism-related sectors.\n  - Monitor investment delays and support measures to restore investor confidence when external conditions permit."
    },
    {
      "heading": "Risks and uncertainties",
      "content": "- The depth of the FY2021 contraction is uncertain and tied to:\n  - the timing and scale of global tourism recovery,\n  - the course of the pandemic globally,\n  - the broader global economic recovery, which will influence Tonga’s own path.\n- Recovery trajectory beyond FY2021 remains uncertain.\n\nInternational Monetary Fund. Tonga: 2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Tonga (Country Report No. 2021/026).\n\n---\n\n Content in this bundle\n\n- 1tonea2021001\n  - 1tonea2021001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1tonea2021001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 1, 2021",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513568041.002",
    "Tonga’s recovery following the devastation of the 2018 Cyclone Gita has been derailed by a double blow from the pandemic and Cyclone Harold.",
    "Early actions to close external borders have kept Tonga COVID-19-free.",
    "FY2020 GDP growth is estimated to fall to -2½ percent due to:",
    "The full brunt of the pandemic will be felt in FY2021 (beginning July) during peak tourism season, when a deeper contraction is expected.",
    "Beyond FY2021, the recovery is expected to resume in line with the global recovery, but the magnitude and trajectory is uncertain.",
    "Prompt economic support and early border closures helped avoid a worse outcome.",
    "Key near-term priorities implicit in the assessment:",
    "The depth of the FY2021 contraction is uncertain and tied to:",
    "Recovery trajectory beyond FY2021 remains uncertain.",
    "**1tonea2021001**"
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