Knowledge Note

"With persistent political instability, the economy has struggled to garner investor confidence since the revolution such that GDP growth averaged just 1.5% between 2011 and 2019."

Following a successful containment of the initial Covid-19 outbreak, sharp contractions in growth, employment, and fiscal revenues by mid-2020 are making the extent of the shock more apparent. The economic outlook for 2020 has worsened since the last forecast. In the meantime, a second wave of infections and further turbulence on the political front are causing more uncertainty.