{"id":21787,"date":"2022-06-24T16:06:28","date_gmt":"2022-06-24T16:06:28","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-economic-update-getting-agricultural-support-right-world-bank"},"modified":"2022-06-24T16:19:49","modified_gmt":"2022-06-24T16:19:49","slug":"mozambique-economic-update-getting-agricultural-support-right-world-bank","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-economic-update-getting-agricultural-support-right-world-bank","title":{"rendered":"Mozambique Economic Update: Getting Agricultural Support Right \u2013 World Bank"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>After multiple consecutive shocks, including the COVID-19 pandemic, which led to the first recession in almost three decades, Mozambique economy has started to recover but under considerable uncertainty.<\/p>\n

The World Bank launches today the 8th edition of its Economic Update on Mozambique. The report\u2014 organized in two parts\u2014first assesses the country\u2019s economic recovery from the COVID-19 crisis and presents its economic outlook. The second part discusses the potential offered by agriculture to promote a sustainable and more inclusive recovery, and outlines reform options for realigning agricultural support policies and programs towards competitiveness, climate resilience and food security objectives.<\/p>\n

The report notes that Gross Domestic Product (GDP) growth reached 2.2 percent in 2021, as favourable weather conditions supported agricultural growth, and the gradual lifting of containment measures boosted private consumption, fostering services recovery. However, the recovery has not been sufficiently broad-based. Despite the gradual uptick in domestic and global demand, growth in the extractives and manufacturing sectors remained subdued. Several constraints dampened the overall economic performance, notably the suspension of multi-billion LNG projects due to escalation of insurgency, tighter monetary policy, and new waves of COVID-19 infections.<\/p>\n

Despite continued significant fiscal pressures, revenue collection has held up and expenses have been kept in check. The overall fiscal deficit is estimated to have declined from 5.7 percent of GDP in 2020 to 4.5 percent in 2021. However, domestic public debt has continued to rise as the authorities resorted to domestic market to fulfil financing needs, given Mozambique\u2019s limited access to external financing. The domestic debt stock reached 22 percent of GDP in 2021, up from 16 percent in 2019.<\/p>\n

Economic growth is expected to accelerate in the medium term, averaging 5.7 percent between 2022 and 2024<\/b><\/p>\n

, as demand recovers further, and the economy benefits from the start of LNG production at the ongoing offshore Coral project in 2022 and the expected resumption of larger LNG projects. Recovery in global demand and commodity prices will continue to support export growth, and FDI inflows (mainly linked to LNG) will sustain investments. Additionally, the three-year ECF arrangement agreed with the IMF for 2022-2025 and budget support from other development partners, will further help to strengthen economic recovery, while addressing debt and financing constraints. However, downside risks are substantial and could substantially lower growth. These include rising import prices owing to the Ukraine conflict, further COVID-19 infection waves, and insurgency in the north.<\/p>\n

With the right support, agriculture can be a sustainable source of growth, poverty reduction and food security<\/b><\/p>\n

Agriculture remains the country\u2019s main economic activity and its agroecological diversity could be further harnessed to achieving food security. Available evidence shows that agricultural growth would decrease poverty and inequality over three times faster than growth in any of the other sectors. Despite its potential, agricultural productivity remains low by regional standards, with Mozambique having one of the lowest cereal yields per hectare.<\/p>\n

The Economic Update suggests policy options that could help realign agricultural support policies and programs towards competitiveness, climate resilience, and food security objectives. These include:<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. After multiple consecutive shocks, including the COVID-19 pandemic, which led to the first recession in almost three decades, Mozambique economy has started to recover but under considerable uncertainty. The World Bank launches today the 8th edition of its Economic Update on Mozambique. The report\u2014 organized in two parts\u2014first assesses the country\u2019s economic […]<\/p>\n","protected":false},"author":84,"featured_media":21786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8,16],"tags":[233,281,283],"class_list":["post-21787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nMozambique Economic Update: Getting Agricultural Support Right \u2013 World Bank - Mozambique<\/title>\n<meta name=\"description\" content=\"After multiple consecutive shocks, including the COVID-19 pandemic, which led to the first recession in almost three dec ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-economic-update-getting-agricultural-support-right-world-bank\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mozambique Economic Update: Getting Agricultural Support Right \u2013 World Bank\" \/>\n<meta property=\"og:description\" content=\"After multiple consecutive shocks, including the COVID-19 pandemic, which led to the first recession in almost three dec ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-economic-update-getting-agricultural-support-right-world-bank\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-24T16:06:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-24T16:19:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/06\/img-62b5e3ccd027a.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"730\" \/>\n\t<meta property=\"og:image:height\" content=\"411\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-economic-update-getting-agricultural-support-right-world-bank#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-economic-update-getting-agricultural-support-right-world-bank\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mozambique Economic Update: Getting Agricultural Support Right \u2013 World Bank\",\"datePublished\":\"2022-06-24T16:06:28+00:00\",\"dateModified\":\"2022-06-24T16:19:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-economic-update-getting-agricultural-support-right-world-bank\"},\"wordCount\":513,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-economic-update-getting-agricultural-support-right-world-bank#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/06\/img-62b5e3ccd027a.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"files\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-economic-update-getting-agricultural-support-right-world-bank#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-economic-update-getting-agricultural-support-right-world-bank\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-economic-update-getting-agricultural-support-right-world-bank\",\"name\":\"Mozambique Economic Update: Getting Agricultural Support Right \u2013 World Bank - 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