COVID-19, ELOISE, UNREST COST COUNTRY E6.208BN

MBABANE – The assessment of the recent shocks in COVID-19, tropical cyclone Eloise and socio political unrest, estimated that in 2020 and 2021 the country potentially lost economic output equivalent to E6.208 billion.

Moreover, these shocks have had devastating effects on other social indicators such as employment and poverty rates. This was revealed by the Principal Secretary (PS) in the Ministry of Economic Planning and Development, Thabsile Mlangeni, who was represented by Chief Economist Sifiso Mamba during the discussions on the impact of Russia-Ukraine conflict on Eswatini. Mlangeni said these emerging challenges had exacerbated existing structural domestic challenges such as recurring fiscal challenges, accumulation of arrears, high unemployment, low GDP growth and other socio-economic challenges.

She shared that all these challenges had stifled growth in the economy. On the ongoing Russia Ukraine-conflict, Mlangeni said it was among the recent headwinds the economy had to grapple with. “The onset of the Russia-Ukraine conflict has resulted in several challenges globally which were manifested through supply chain disruptions, commodity price hikes, a high inflationary environment, tightening monetary policies as well as curtailed investment spending,” she said.

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