(financialtribune.com)
JUBA: Driven by a decline in both oil and non-oil sectors and several concurrent shocks including COVID-19 (coronavirus), South Sudan’s economic growth is expected to contract by -4.1 percent, according to the latest World Bank economic update for the country.
The South Sudan Economic Update, Pathways to Sustainable Food Security, shows that declining exports and private consumption, as well as the effects of the pandemic, floods, locust invasion and higher subnational conflict intensity have contributed to a dire economic outlook. While the oil sector continues to dominate the economy—accounting for more than one-third of gross domestic product (GDP), 90 percent of central government revenue and more than 95 percent of the country’s exports—the report says recent economic downturn highlight the need to diversify growth and revenue.
“The current economic crisis has provided a great opportunity to reflect on how the country can bounce back better, building on key milestones already achieved as part of the peace process. Diversifying the economy will enable South Sudan to build back an economy that is resilient to shocks and ensure a sustained and inclusive growth,” said Husam Abudagga, World Bank Country Manager for South Sudan. “Investing more on agriculture, for instance, will help to unleash the immense potential of the sector and can be a big step for South Sudan’s path to diversification, while reducing food insecurity,” he added.
According to the report, the pandemic has severely affected South Sudan’s economy, exacerbating already existing vulnerabilities, and resulting in long-term implications for economic growth and development. The report reveals that South Sudan’s food security has been deeply and permanently disrupted by the impacts of war since 2013, yet it is the economic and markets impact of conflict, rather than the violence itself, that have become the most prominent drivers of food insecurity. Pressure on living conditions continues to be exacerbated by displacement, including refugees from neighboring countries and conflict induced internal displacement.
Despite the negative economic indicators, the report anticipates economic recovery as the global economy rebounds to support higher oil prices, commitment to a credible reform process and resilience to climatic shocks and conflict. The report recommends building on key milestones achieved since the peace process to among others, support agricultural investments and fast-track reforms necessary to cushion the economy amidst a double health and economic crisis.
The South Sudan Economic Update is a World Bank knowledge product which aim to provide regular, comprehensive analysis of the South Sudanese economy. The report is intended to encourage constructive dialogue on public policies among the country’s leadership and key stakeholders including development partners, academia, the private sector and civil society.
Newer articles:
- DTM South Sudan: Biometric Registration - Malakal, PoC Site Upper Nile (Publication: July 2021) - 06/07/2021 02:27
- South Sudan’s President Kiir revokes appointment of 35 MPs - 06/07/2021 00:23
- South Sudan: Ten years after independence, hundreds are treated for gunshot wounds each year - 06/07/2021 00:14
- ICRC humanitarian response in South Sudan: 2011 to 2021 - 06/07/2021 00:06
- U.N, African Union peacekeepers hand over 14 Darfur bases to Sudan - 05/07/2021 00:15
Older news items
- As We Celebrate America's 245th Birthday, Help South Sudan Survive Their 10th | Opinion - 04/07/2021 06:00
- At least 43 migrants drown in shipwreck off Tunisia, Red Crescent says - 04/07/2021 03:36
- South Sudan oil refinery ready to supply the region - 03/07/2021 21:43
- Ooni, Mayardit, 195 countries pay tributes to TB Joshua as burial rites begin tomorrow - 03/07/2021 20:00
- South Sudan opens its skies to the world with the launch of a globally integrated airspace system - 03/07/2021 18:47
Latest news items (all categories):
- South Sudan needs ‘civic education’ before elections, says bishop - 16/01/2025 16:42
- South Sudan parties set to resume peace talks in Kenya - 16/01/2025 16:39
- Abandoned but not forgotten – the invisible crisis in South Sudan - 16/01/2025 16:35
- The SAF has committed barbaric atrocities against South Sudanese refugees in Wad Medani - 16/01/2025 16:27
- Syria 2025: The historical Syrian project: From revolution to a modern inclusive civil state - 16/01/2025 16:10
Random articles (all categories):
- Rwandan elections - more women than men in the parliament - 19/09/2008 20:21
- Sudan, South Sudan strike oil deal - gulfnews.com - 05/08/2012 10:11
- Ethiopia ‘foils’ cyber-attack on Nile dam, financial institutions - 04/05/2022 02:20
- South Sudan to pull out of oil town, easing crisis - USA TODAY - 20/04/2012 16:01
- International Criminal Court issues warrant for Sudan president - 04/03/2009 15:55
Popular articles:
- Who is the darkest person in the world, according to Guinness World Record? - 25/10/2022 02:34 - Read 61882 times
- No oil in troubled waters - 25/03/2014 15:02 - Read 22310 times
- School exam results in South Sudan show decline - 01/04/2012 17:58 - Read 21505 times
- NDSU student from South Sudan receives scholarship - In-Forum - 29/09/2012 01:44 - Read 19070 times
- Top 10 weakest currency exchange rates in Africa in 2023 - 19/07/2023 00:24 - Read 18873 times