Seychelles: Selected Issues

International Monetary Fund

No 2022/250, IMF Staff Country Reports from International Monetary Fund

Abstract: This Selected Issues paper considers the containment and closure policies implemented in Seychelles—a Small Island Developing State (SID) highly dependent on tourism—and the resultant impact on Gross Domestic Product (GDP) in 2020–21. The assessment compares the economic performance of Seychelles against a set of other SIDS also dependent on tourism. The study adopts two econometric methods. The first method constructs a reference country to allow comparison against Seychelles, while the second method is a panel data regression. The analysis indicates that containment and closure policies contribute to a stronger GDP decline, as would be the case without such policies. In the following sections, the paper first explores how coronavirus disease 2019 evolved in Seychelles and describes the authorities' key responses. Secondly, we review the economic indicators of Seychelles. Thirdly, the methodology and the results are explained, followed by some conclusions. The authorities need to be mindful that containment and closure policies adversely impact economic activity should they be implemented again for a prolonged period—both within and across countries.

Keywords: containment policy; Seychelles stringency index; evolution of goods; I. empirical assessment; IMF staff calculation; COVID-19; Current account deficits; Tourism; Western Europe; Global (search for similar items in EconPapers)
Pages: 17
Date: 2022-07-26
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