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Lusa - Business News - Cabo Verde: Covid-19 causes 'worst economic performance' ever in 2020




Praia, April 19,2021(Lusa)-The Banco de Cabo Verde on Monday acknowledged that in 2020 the country recorded the "worst economic performance" in its history, with an economic recession of 14.8% caused by the pandemic, projecting a growth of 5.8% for this year.

In the report on Monetary Policy, released today, the central bank started by acknowledging that the global health crisis, caused by the Covid-19 pandemic, "interrupted" in 2020 the growth cycle that the Cape Verdean economy had been seeing since 2009.

"According to available statistics, Cabo Verde had its worst economic performance as a sovereign country last year. Gross domestic product [GDP] fell by 14.8%, the current account deficit increased from 0.4 to 16.5% of GDP, the country's net international reserves fell by about €80 million and the deficit and public debt reversed the downward trend and respectively stood at nine and 156% of GDP at the end of 2020," the document said.

However, the Banco de Cabo Verde (BCV) recognised that the "reduction of inflationary pressures," the "increase in remittances from emigrants," and implementation of exceptional measures to support employment, such as furloughs and to support corporate treasury, with moratoria on credit service, credit lines with reduced interest rates and state guarantees, as well as reducing the tax burden, among other government measures, contributed to mitigating, to some extent, the effects of the exogenous shock.

"The updated outlook for 2021 points to the economic growth of around 6% [estimated 5.8%], guaranteed control of the pandemic in the West, particularly in Cabo Verde's partner economies, as well as in the country," the central bank estimates.

However, in the same report, it is noted that the uncertainties in the process of immunisation of the world population against the new coronavirus and, consequently, the recovery of economic activity, "remain exceptionally high."

"Indeed, in the event of a delay in the control of the pandemic at an external and internal level, some constraint in the execution of the state budget and the inappropriate withdrawal of certain support measures for businesses and families, growth could be around 3% in 2021," it adds.

Current projections from Cabo Verde's central bank also point to a slight increase in inflation, from 0.4 to 0.8%, and a "continued reduction" in the country's net international reserves, but which "should continue to finance more than six months of imports of goods and services.

The central bank also said that it would keep its marginal lending rate (0.5%), liquidity absorption rate (0.05%), as well as its leading rate (0.25%) and minimum cash coefficient (10%) unchanged, "over the next six months.

It will also keep unchanged the monthly limit and the rate of monetary operations of liquidity "at the levels deliberated last December", that is, at 3 billion escudos (€26.9 million) and 0.7% respectively, "encouraging banks "to provide liquidity under adequate conditions to companies and families".

PVJ/ADB // ADB.

Lusa


Agency : LUSA

Date : 2021-04-20 09:44:00







 

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