logo |

News

    Home   >     Original    >     Main body

    WikiFX Express
    Previous Post： Germany can be independent from Russian gas by spring 2025 – RWE Next： Factbox-The Great Rebrand: Western business reborn in Russia under new names

    Pandemic and explosions worsen Equatorial Guinea prospects, IMF says

    WikiFX   |   1653032271000
    Abstract：DAKAR (Reuters) – Equatorial Guineas ailing economy has been dented by the pandemic and a series of deadly dynamite explosions in 2021 despite government efforts to mitigate the impact of these shocks on the oil-producing nation, the International Monetary Fund (IMF) said on Friday.

    　　div classBodysc17zpet90 cdBBJodivpDAKAR Reuters – Equatorial Guineas ailing economy has been dented by the pandemic and a series of deadly dynamite explosions in 2021 despite government efforts to mitigate the impact of these shocks on the oilproducing nation, the International Monetary Fund IMF said on Friday.p

    　　pThe former Spanish colony on the west coast of central Africa suffered a double economic shock in 2020 due to the coronavirus outbreak and a drop in the price of crude, which provides around threequarters of state revenue.pdivdivdiv classBodysc17zpet90 cdBBJodiv

    　　pIt took another hit in March 2021, when the negligent handling of dynamite stored at an army base caused a series of explosions in the coastal city of Bata, killing over 100 and injuring hundreds more.p

    　　pWhile nonhydrocarbon GDP is estimated to have increased by 1.3 percent in 2021 due to a drop in coronavirus cases and the easing of containment measures, real GDP is estimated to have declined by 3.5 percent, the IMF said in a statement.p

    　　pThe country had already seen seven consecutive years of economic decline before the pandemic, it added.p

    　　pAlthough real GDP is projected to grow by around 6 percent in 2022 due to the base affects of lowerthanexpected gas production the previous year, and the start of reconstruction in Bata, longerterm prospects remain bleak.p

    　　pHydrocarbon output is expected to fall in the mediumterm as major oil fields mature and investments in exploration slow, the IMF said.p

    　　pThe global rise in food and fertilizer prices is also likely to affect food security among already vulnerable population groups and fuel inflation.p

    　　pMost of the countrys 1.2 million inhabitants live in poverty despite Equatorial Guineas vast oil reserves.p

    　　pThe government sought to recover the pandemic and Bata explosion fallout by spending more money on the health sector, cutting nonpriority expenditure and giving the private sector temporary tax relief.p

    　　p

    　　pp Reporting by Sofia Christensen Editing by James Macharia Chegep

    　　divdivdiv classBodysc17zpet90 cdBBJodivdivdiv

    Latest News

    Rate Calc

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  ：
    --
    Amount
    United States Dollar
    Available
    -- United States Dollar

    You may also like

    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.