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TitleAnnual HESPI Report on IGAD Economies: Macroeconomic Performance of IGAD Economies and the State of Digital Financial Services.
AuthorThe Horn Economic and Social Policy Institute (HESPI)
Date of Publication2021
PublisherThe Horn Economic and Social Policy Institute (HESPI)
Number of Pages46
AbstractThe macroeconomic review covers some key indicators to see trends overtime and compare developments across countries. In 2020, the region as a whole experienced contraction in GDP due to the COVID-19 pandemic with significant variation across countries; Somalia, South Sudan, Sudan and Uganda experienced GDP contraction; while Ethiopia had a growth rate of around 6% and real growth also slowed down in Djibouti and Kenya in 2020 . Pandemic related decline in revenues and rise in expenditures led to growing domestic fiscal balances and in all countries. All countries in the region sustained trade deficit since 2015. Current account balance in the region largely mirrors the trend in trade balance. While it narrowed in Ethiopia, Uganda and Djibouti experienced a widening current account deficit during 2016-2020. Kenya on the other hand sustained a stable current account deficit. FDI flow to the region has been on the rise during 2015-2019, Ethiopia, Kenya and Sudan being the highest recipients. ODA as a share of GNI remained below 6% for most of the countries during 2015-2019 except that of Somalia which stood at an average of 34.2%. Following the lifting of sanctions in 2018, ODA’s share of GNI in the Sudan more than doubled (from 1.9% in 2017 to 5.3% in 2019.
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