{"id":470978,"date":"2021-05-03T13:20:21","date_gmt":"2021-05-03T13:20:21","guid":{"rendered":"https:\/\/www.kapitalafrik.com\/?p=470978"},"modified":"2021-05-03T13:20:21","modified_gmt":"2021-05-03T13:20:21","slug":"covid-19-guinea-one-of-the-most-resilient-african-countries-in-2020","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2021\/05\/03\/covid-19-guinea-one-of-the-most-resilient-african-countries-in-2020\/","title":{"rendered":"Covid-19: Guinea, one of the most resilient African countries in 2020"},"content":{"rendered":"
<\/div>

The International Monetary Fund (IMF) estimated at the end of last week that the Guinean economy achieved one of the strongest growths in Africa in 2020, with a 7% increase in its gross domestic product (GDP). This growth was driven by a booming mining sector which represents around 12 to 15% of the country’s GDP.<\/p>\n

However, notes the Bretton Woods institution, despite the implementation of a rapid and well-structured response plan, the pandemic has wreaked havoc on the non-mining economy, which accounts for more than 3\/4 of total GDP and employs a large majority of the population. The monetary institution says the mining sector is expected to continue to support overall growth in 2021.<\/p>\n

But Guinea will face a double health shock, with an increase in Covid-19 cases coupled with a resurgence of the Ebola epidemic, which fortunately seems localized and under control. As such, growth in the non-mining sector is only expected to pick up gradually.<\/p>\n

In contrast, says the IMF, growth is expected to reach 5.2% in 2021, driven by the continued strength of the mining sector. For its part, non-mining growth remains subdued and is not expected to fully recover before 2022.<\/p>\n

In addition, the IMF recommends that the Guinean authorities continue the response against the pandemic, in particular by accelerating large-scale vaccinations, stepping up efforts to support vulnerable populations and supporting economic recovery. The authorities, underlines the institution, are encouraged to continue their efforts to mobilize domestic revenues – including from the mining sector – in order to create fiscal space to finance the pressing needs of infrastructure and human capital development.<\/p>\n

Reforms to strengthen governance and the business climate will boost diversification and ensure a more resilient and inclusive recovery.<\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

The International Monetary Fund (IMF) estimated at the end of last week that the Guinean economy achieved one of the strongest growths in Africa in 2020, with a 7% increase in its gross domestic product (GDP). This growth was driven by a booming mining sector which represents around 12 to 15% of the country’s GDP.<\/p>\n","protected":false},"author":536116,"featured_media":470979,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12040,12046],"tags":[17520,16344,13268,344,17953,18099],"class_list":["post-470978","post","type-post","status-publish","format-aside","has-post-thumbnail","category-international-institutions","category-leaders-en","tag-african-countries","tag-covid-19","tag-guinea","tag-imf","tag-the-international-monetary-fund","tag-the-most-resilient","post_format-post-format-aside","pmpro-has-access"],"yoast_head":"\nCovid-19: Guinea, one of the most resilient African countries in 2020 - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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