Republic of Equatorial Guinea: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Equatorial Guinea

International Monetary Fund

No 2024/025, IMF Staff Country Reports from International Monetary Fund

Abstract: The 2023 Article IV Consultation discusses that Equatorial Guinea’s economy remains confronted with a continuous decline in oil production. The overall fiscal surplus is estimated to have dropped to 0.3 percent of GDP from 13.6 percent in 2022, while 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. Near and medium-term growth prospects appear challenging with the projected reduction in oil production and lacklustre growth in the non-oil economy due to underlying structural weaknesses. Real GDP growth is projected to contract by 5.5 percent in 2024, and the economy would remain on average in recession over the medium term. Fostering nonhydrocarbon growth and inclusion is critical to long-term macroeconomic and social stability.

Keywords: macroeconomic reform effort; government arrears; Equatoguinean economy; U.S. dollar; government's commitment; IMF's transparency policy; Equatorial Guinea's economy; governance strategy; liability positions vis-à-vis nonresident; External sector statistics; Fiscal stance; Commercial banks; Global (search for similar items in EconPapers)
Pages: 79
Date: 2024-02-07
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=544055 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2024/025

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().