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Home Economy

World Bank forecast Mozambique average growth at 5.7% in 2022-2024

FurtherAfrica by FurtherAfrica
June 26, 2022
in Africa, Economy, Mozambique
Reading Time: 1 min read
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Economic growth in Mozambique is expected to accelerate in the medium term, averaging 5.7% between 2022 and 2024, as demand recovers and the economy benefits from the start of liquefied natural gas production this year, the World Bank said last week.

The start of LNG production at the offshore Coral project and the expected resumption of other LNG projects would help spur the southeast African nation’s growth, the World Bank said in a statement.

Also read: Mozambique getting agricultural support right – World Bank

The Coral LNG project, operated by Italy’s Eni (ENI.MI), processes natural gas from Area 4 resources in the Rovuma Basin, off Mozambique’s coast. It began pumping gas last week, the company had said.

The World Bank said a three-year extended credit facility arrangement agreed by Mozambique with the International Monetary Fund and budget support from other partners would further help to strengthen its economic recovery.

The IMF’s executive board in May approved the $456 million program, which was Mozambique’s first since the lender suspended support six years ago.

Also read: Mozambique production grew by 26% in the 2020-2021 campaign – MADER

However, the World Bank warned that risks remained for Mozambique’s growth, especially from rising import prices due to the conflict in Ukraine, a possible surge in COVID infection waves, and insurgency in the north.

Related

Source: Reuters
Tags: African nationCoral LNG projectEconomic growth in MozambiqueEconomic recoveryEconomyENIIMFInternational Monetary Fundliquefied natural gasLNGLNG productionNatural Gasoffshore Coral projectRovuma BasinWorld BankWorld Bank forecast Mozambique average growth at 5.7% in 2022-2024
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