On 6th May, the Director General of the Equatorial Guinea National Statistics Institute, Ricardo Nsue Ndemesogo, read before the media a report on the impact of the COVID-19 pandemic on the economy in Equatorial Guinea.
Ricardo Nsue Ndemesogo highlighted that the pandemic will have indeterminate effects, both on the global and national economy. The economic impact of the health crisis depends on factors whose interaction is difficult to predict.
Two major scenarios for the economic forecast can be envisaged; the first macroeconomic scenario (optimistic) forecasts a fall in real GDP in 2020 of 5.8%. In the second scenario (pessimistic) the forecast in a fall in real GDP of 8.9%.
Decree number 43/2020, of 31st march, adopting economic measures to strengthen the national system of social protection and support for Small and Medium Enterprises, would help reduce the impact on families, workers and SMEs. The application of the set of measures would be a response to the impact of COVID-19 and would set out the bases so that the negative effects on employment and business were temporary, and so that business could increase once the pandemic was over.
Source: Equatorial Guinea Press and Information Office