Tonga: Staff Concluding Statement of the 2023 Article IV Mission

The Tongan economy is rebounding strongly from a major double shock in early 2022. After an estimated contraction of 2 percent in FY2022, real GDP is estimated to have expanded by 2.6 percent in FY2023 (July 2022-June 2023). The bold policy support measures deployed in response to the Hunga Tonga?Hunga Ha’apai (HTHH) volcanic eruption-tsunami and the local COVID-19 outbreak in January-February 2022, together with aid from the international community, were instrumental in mitigating the socioeconomic fallouts. The post-HTHH recovery in FY2023 has been driven by strong domestic demand and a pickup in tourist arrivals following the border reopening in August 2022.

IMF Staff Concludes Visit to Kosovo

“Amid a challenging global context, macroeconomic conditions in Kosovo have remained favorable so far in 2023. Growth remains resilient, inflation continues to decline, and the current account deficit has started to narrow. Fiscal revenues continue to grow at a healthy pace, the implementation of public investment program has picked up, and fiscal buffers have remained at appropriate levels. However elevated global volatility and tensions in northern Kosovo remain risks to the outlook that if materialized could add to policy challenges”.

East Africa Regional Economic Outlook 2023: Mid-term growth for East Africa region projected highest on the continent for 2023-4

East Africa will register the highest regional economic performance on the continent in 2023 and 2024, with growth figures at over 5 percent, according to the newly published African Development Bank 2023 East Africa Economic Outlook.

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