According to Trading Economics global macro models and analysts, Sudan’s GDP per capita is anticipated to reach 2000.00 USD by the end of 2021. According to our econometric models, Sudan’s GDP per capita is expected to trend at 2150.00 USD in 2022 and 2170.00 USD in 2023.
What is the GDP of South Sudan in 2020?
South Sudan’s GDP was 4.07 billion dollars in 2020. Though South Sudan’s GDP has fluctuated significantly in recent years, it has tended to decline from 2011 to 2020, ending at $4.07 billion in 2020.
What is considered a high GDP per capita?
The World Bank defines a high-income economy as a country with a gross national income per capita of US$12,696 or more in 2020, as determined by the Atlas method. While the words “high-income” and “first world” and “developed country” are sometimes used interchangeably, their technical definitions differ. During the Cold War, the term “first world” was used to describe countries that identified themselves with the United States and NATO. When designating countries as “developed” or “advanced economies,” certain organisations, such as the Central Intelligence Agency (CIA) or the International Monetary Fund (IMF), consider variables other than high per capita income. Some high-income countries, for example, may simultaneously be developing countries, according to the United Nations. The countries of the Gulf Cooperation Council, for example, are categorized as developing high-income countries. As a result, a country with a high income might be classed as either developed or developing. Despite the fact that the Vatican City is a sovereign state, the World Bank does not classify it under this criterion.
What is Tanzania’s average per capita income?
Tanzania is a low-income country, with a per capita GDP of $3,160 in international currencies (PPP) and $1,020 in US dollars in 2018.
What is the foundation of Sudan’s economy?
Sudan is a country in Northern Africa on the Red Sea’s edge. Central African Republic, Chad, Egypt, Eritrea, Ethiopia, Libya, and South Sudan are all neighbors. Sudan’s terrain is mostly flat, with mountains in the east and west and annual flooding in the south caused by the Nile River system. The government is a federal republic, with the president as the chief of state and head of government. Sudan has a mostly traditional economy in which agriculture is the primary source of income for the majority of its population, and the government’s central planning is limited. Sudan is a member of the Arab League as well as the Common Market for Eastern and Southern Africa (COMESA) (COMESA).
Why is the GDP of South Sudan so low?
In 2020, locust invasions, floods, and the COVID19 pandemic undermined South Sudan’s embryonic economic recovery, which had been fueled by the 2018 Revitalized Peace Agreement, increased oil prices, and the resumption of oil production. Measures to contain the development of COVID19, such as social separation and restrictions on travel and business hours, hampered economic activity. The service sector, which accounts for 6.1 percent of GDP, took the worst of the blow. Floods and locusts wreaked havoc on the agriculture sector, which accounts for 15% of GDP and employs 80% of the workforce. The decline of global oil prices harmed the oil sector, which accounts for 70% of GDP and more than 90% of government revenues. COVID19 also harmed public and private consumption, which are the main demand drivers in 2019. As a result, after rising by 7.4% in 2019, real GDP growth is predicted to slow to 3.6 percent in 2020. Flooding, locust invasions, and COVID19 interruptions, combined with the monetization of the government budget deficit and currency depreciation, pushed inflation up to 31.1 percent in 2020, up from 24.5 percent in 2019. In November 2020, the South Sudan pound fell by 10% compared to the same time in 2019, to SSP 176 per US dollar. Falling global oil prices have cut government revenues by 40%, causing the fiscal deficit to rise to 4.9 percent of GDP in 2020, up from 2.5 percent in 2019. Reduced oil export receipts combined with a decrease in financial inflows, primarily remittances and foreign direct investment, increased the current account deficit to 4.5 percent of GDP in 2020, up from 2.7 percent in 2019. The COVID19 containment measures have had an impact on banking, which dominates the financial sector. Credit to the private sector fell by 20% in 2019, and is expected to fall by another 40% in 2020, owing to low economic activity and high financing costs. Poverty and unemployment are likely to worsen as a result of the economic recession, with disproportionate consequences on youth and women.
Partially recovering economies will be aided by a peace dividend and a predicted increase in oil production and exports, with real GDP expected to grow by 0.1 percent in 2021 and 2.5 percent in 2022. Inflation is predicted to fall to 23.3 percent in 2021 as containment measures are eased, particularly the reopening of borders with Kenya and Uganda, which will allow food and other needs to be imported more easily. Reforms in public financial management and a recovery in global oil prices are predicted to lower the fiscal deficit to 1.2 percent of GDP in 2021, with external borrowing likely to fill the gap. Because of higher global oil prices, the current account deficit is forecast to reduce to 2.3 percent of GDP in 2021. The greatest downside risks to the economic outlook are a breakdown of the peace agreement, oil price changes, and climate change.
Due to the restructuring of the country’s commercial debt with Qatar National Bank, which accounts for 46 percent of foreign debt, South Sudan’s debt risk rating improved from debt distress to high risk in October 2020. External debt was reduced to an estimated 28.3 percent of GDP in 2020, down from 38 percent in 2019. Debt restructuring and the clearing of arrears owed to Sudan also helped lower external debt to an estimated 28.3 percent of GDP in 2020, down from 38 percent in 2019. As of June 2020, commercial loans accounted for 81 percent of total external debt, followed by multilateral (8%) and bilateral (11%) loans. While focusing on domestic resource mobilization is critical, the government should also increase fiscal openness, accountability, and reporting to enhance budgetary space. In the medium to long term, improving the transparency of resource-backed loans and strengthening the capacity to plan and implement smart macroeconomic policies can help to ensure debt sustainability. Reforms aimed at accelerating economic diversification and reducing dependency on oil are also critical. The main obstacles to adopting such reforms are institutional and capacity constraints. In 2020, gross reserves were equivalent to less than one month’s worth of imports, making them insufficient to act as a short-term alternative source of funding.
What is Sudan’s most important export?
Gold (70 percent of total exports) is Sudan’s most important export, followed by cattle (25 percent). Oil, arabic gum, and cotton are among the others. China is the most important import partner (78 percent), followed by the UAE, Japan, Saudi Arabia, and Italy.
Who in South Sudan is the wealthiest?
; born 3 May 1946) is a millionaire Sudanese-British businessman. Before launching Celtel, he worked for various telecommunications firms, and when it was sold, it had over 24 million mobile phone subscribers in 14 African countries. Following the sale of Celtel for $3.4 billion in 2005, he established the Mo Ibrahim Foundation to promote improved governance in Africa, as well as the Ibrahim Index of African Governance to assess countries’ performance. He is also a member of the London Business School’s Africa regional advisory board.
What is the state of South Sudan’s economy?
Despite having abundant natural resources, South Sudan’s economy is one of the most oil-dependent economies in the world. It boasts a large amount of cattle and fertile agricultural land. Over 60 million cattle, sheep, and goats make up the livestock. In the world’s youngest country, political instability, bad governance, and corruption continue to stymie development.
Most settlements in South Sudan lack electricity or running water, and the country’s general infrastructure is poor, with barely 10,000 kilometers (6,200 miles) of paved highways.
Why is South Sudan such a poor country?
South Sudan is vast, mostly rural, and sparsely populated. Rural areas are home to over 83 percent of the population. Poverty is widespread, with at least 80% of the population classified as low-income and living on less than $1 a day. More over a third of the population has insecure food availability.
It is, nevertheless, a well-endowed and potentially wealthy country.
Its most prominent natural feature is the Nile River. It runs through the country and through some of the country’s regional centers, including Juba, the capital. In certain rural areas, it aids trade, administration, and urbanization.
Other natural resources in South Sudan include oil, gold, silver, iron ore, copper, and many others. Cassava, groundnuts, sweet potato, sorghum, sesame, maize, rice, finger millet, cowpea, and beans have all been grown on the country’s vast fertile fields.
Despite its geographical isolation, the country has access to prospective trade routes and markets for its commodities exports.
At the same time, the oil industry dominates the economy.
Outside of the oil industry, most people’s livelihoods are based on low-paying agriculture and pastoralist labour. Non-wage labour employs up to 85% of the working population, primarily in subsistence agriculture and livestock rearing (about 78 percent of the working population).
Agriculture is primarily rain-fed, making it extremely vulnerable to changing weather patterns. Droughts and floods are common in South Sudan, with both extensive and localized effects. There is almost no manufacturing industry in the country, and almost all intermediate and consumer items are imported. The oil industry is the only contemporary industrial sector, and it is dominated by foreign investors, mainly Chinese, Indian, and Malaysian.
South Sudan’s economic woes have been exacerbated by the fighting, declining oil earnings, and quickly weakening currency.
Conflict has obstructed the path to inclusive and sustainable growth, which relies on a diverse economy to provide jobs and livelihoods for the poor and war-affected. Citizens’ demands for justice, the rule of law, accountability, reconciliation, and healing have yet to be fulfilled.