Tonga: 2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Tonga
February 1, 2021
Download PDF
Preview Citation
Format: Chicago
Tonga: 2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Tonga, (USA: International Monetary Fund, 2021) accessed November 27, 2024
Summary
Tonga’s recovery following the devastation of the 2018 Cyclone Gita has been derailed by a double blow from the pandemic and Cyclone Harold. FY2020 GDP growth is estimated to fall to -2½ percent due to domestic containment measures, a sudden stop in tourism, and investment delays. The full brunt of the pandemic will be felt in FY2021 (beginning July) during peak tourism season, when a deeper contraction is expected. A worse outcome was avoided by early actions to close external borders—which has kept Tonga COVID-19-free—and prompt economic support. Beyond FY2021, the recovery is expected to resume in line with the global recovery, but the magnitude and trajectory is uncertain.
Publication Details
-
Pages:
98
-
Volume:
---
-
DOI:
---
-
Issue:
---
-
Series:
Country Report No. 2021/026
-
Stock No:
1TONEA2021001
-
ISBN:
9781513568041
-
ISSN:
1934-7685
