“THE country’s economy has been hit hard by the negative impact of the COVID-19 pandemic since the outbreak past seven months ago.
“This will result in a negative (-) 4.1 percent economic growth by the end of this year.
“This was highlighted by the Minister of Finance and Treasury Harry Kuma during the second recording of the 2020 Supplementary Appropriation Bill in Parliament yesterday.
“He told parliament that the pandemic in the last seven months has left the healthcare system in desperation and hurting many economies.
“The economic damage represents the largest shock ever experienced in decades.
“The global growth is projected to grow at -4.9 percent for 2020, with 5.4 percent expected growth in 2021,” he said.
“He said as a small open economy, the country is more vulnerable to any contractions or disruptions experienced by the global economy.
“He told parliament the country’s real Gross Domestic Product (GDP) is forecasted to grow at -4.1 percent by the end of 2020 (midyear revision) from the original projection of 2.3 percent in 2020.”
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