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Mozambique Economic Update, February 2021 : Setting the Stage for Recovery

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collection.link.135
https://openknowledge.worldbank.org/handle/10986/6000
collection.link.85
https://openknowledge.worldbank.org/handle/10986/2193
collection.name.135
Portuguese PDFs Available
collection.name.85
Economic Updates and Modeling
dc.contributor.author
World Bank
dc.date.accessioned
2021-03-04T15:27:13Z
dc.date.available
2021-03-04T15:27:13Z
dc.date.issued
2021-02
dc.date.lastModified
2021-06-14T09:53:56Z
dc.description.abstract
The global pandemic has taken a heavy toll on Mozambique’s economy. In 2020, the country experienced its first economic contraction in nearly three decades. COVID-19 (coronavirus) hit the economy as it was attempting to recover from the slowdown triggered by the hidden debt crisis and the tropical cyclones in 2019. Real gross domestic product (GDP) contracted by 1.3 percent in 2020, compared to a pre-Covid estimate of 4.3 percent, as external demand declined, domestic lockdown measures disrupted supply chains and depressed domestic demand, and liquified natural gas (LNG) investments were delayed. COVID-19 has caused a sudden income loss for enterprises and households, worsening living conditions, especially for the urban poor largely engaged in the informal sector. According to the National Institute of Statistics, as of June 2020, about 120,000 jobs were lost and 63,000 employment contracts suspended, with women being the most affected. Around 3 percent of the firms affected were forced to cease their activity. Services activities are the hardest hit. The tourism and hospitality industries have particularly suffered a steep decline in revenues. COVID-19 has jeopardized years of hard-won development gains, with about one million people estimated to have slipped into poverty in 2020 (as measured by the international poverty line of 1.90 US Dollars per day). While there is great uncertainty about the path of the pandemic, the economy is expected to gradually recover from 2021 as aggregate demand rebounds and LNG investments and extractive production gain momentum. Despite the expected recovery, the widespread deployment of COVID-19 vaccines will be at the core of a resilient recovery. This Economic Update explores the implications of COVID-19 for the economy, businesses and households. It makes recommendations for moving forward—in the short-term relief phase, as well as over the medium and longer term in order to 'build back better'.
en
dc.identifier
http://documents.worldbank.org/curated/en/931171614625070870/Mozambique-Economic-Update-Setting-the-Stage-for-Recovery
dc.identifier.uri
http://hdl.handle.net/10986/35214
dc.language
English
dc.publisher
Washington, DC: World Bank
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
ECONOMIC GROWTH
dc.subject
EXCHANGE RATE
dc.subject
INFLATION
dc.subject
EXTERNAL SECTOR
dc.subject
FISCAL POLICY
dc.subject
MONETARY POLICY
dc.subject
ECONOMIC OUTLOOK
dc.subject
CORONAVIRUS
dc.subject
COVID-19
dc.subject
PANDEMIC IMPACT
dc.subject
PANDEMIC RESPONSE
dc.subject
FIRM SALES REVENUE
dc.subject
EMPLOYMENT
dc.subject
HOUSEHOLD WELFARE
dc.subject
INCOME LOSS
dc.subject
UTILITY PRICES
dc.subject
WORKFORCE MEASURE
dc.subject
VULNERABLE POPULATION
dc.subject
POVERTY
dc.subject
URBAN POOR
dc.subject
SCHOOL CLOSURE
dc.title
Mozambique Economic Update, February 2021
en
dc.title.subtitle
Setting the Stage for Recovery
en
dc.type
Report
en
okr.date.disclosure
2021-03-03
okr.doctype
Economic & Sector Work
okr.doctype
Economic & Sector Work :: Economic Updates and Modeling
okr.docurl
http://documents.worldbank.org/curated/en/931171614625070870/Mozambique-Economic-Update-Setting-the-Stage-for-Recovery
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
090224b08852b1b9_3_0
okr.identifier.internaldocumentum
32871335
okr.identifier.report
157076
okr.imported
true
en
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/931171614625070870/pdf/Mozambique-Economic-Update-Setting-the-Stage-for-Recovery.pdf
en
okr.region.administrative
Africa
okr.region.administrative
Africa Eastern and Southern (AFE)
okr.region.country
Mozambique
okr.topic
Health, Nutrition and Population :: Disease Control & Prevention
okr.topic
Macroeconomics and Economic Growth :: Economic Growth
okr.topic
Macroeconomics and Economic Growth :: Fiscal & Monetary Policy
okr.topic
Macroeconomics and Economic Growth :: Macroeconomic Management
okr.topic
Poverty Reduction :: Poverty Reduction Strategies
okr.topic
Poverty Reduction :: Poverty and Health
okr.topic
Poverty Reduction :: Services & Transfers to Poor
okr.topic
Social Protections and Labor :: Employment and Unemployment
okr.topic
Social Protections and Labor :: Labor Markets
okr.unit
EFI-AFR1-MTI-MacroFiscal-2 (EAEM2)

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