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20 Apr 2023
IMF Management Completes the Second Review of the Staff-Monitored Program with the Union of the Comoros
The COVID-19 pandemic and the war in Ukraine have severely affected Comoros, exacerbating already weak macroeconomic conditions. While benefiting from substantial aid from the diaspora and development partners during the pandemic, Comoros’ economic activity stagnated in 2020-2021. The expected recovery in 2022 was interrupted by Russia’s war in Ukraine and its spillovers on global commodity prices, with inflation reaching record double-digit levels in 2022 and a considerably worsened fiscal outlook. Effects of the shocks are expected to recede in 2023, with growth expected at 3 percent, although considerable uncertainty remains in the global outlook.
