Tajikistan Country Economic Update, Fall 2020 : Economic Slowdown Amid the Pandemic
The COVID-19 pandemic had a significant adverse impact on the Tajik economy. Real GDP growth slowed to 4.2 percent year-on-year in the first nine months of 2020, compared to 7.2 percent a year earlier. Restrictions on labor mobility and economic ac...
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| Language: | English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/856841608613708986/Tajikistan-Economic-Slowdown-Amid-the-Pandemic http://hdl.handle.net/10986/34960 |
| Summary: | The COVID-19 pandemic had a significant
adverse impact on the Tajik economy. Real GDP growth slowed
to 4.2 percent year-on-year in the first nine months of
2020, compared to 7.2 percent a year earlier. Restrictions
on labor mobility and economic activity at home and abroad
resulted in lower migrant remittances, weaker consumer
demand, and reduced investments. Although exports enjoyed a
record global demand for gold, the domestic market
collapsed, suggesting a more severe impact of COVID-19 on
domestic jobs and incomes. A growing share of the population
reported reducing their food consumption, and the inability
of previously returned migrants to travel abroad led to a
significant increase in the unemployment rate. The
healthcare system faces unprecedented pressure to
accommodate a sudden influx of patients. International
financial institutions and partner countries rushed with
financial and in-kind aid to help Tajikistan contain the
pandemic’s impact. In an effort to ameliorate the economic
fallout, the authorities deferred tax collections, boosted
health and social spending, and eased monetary policy. They
established an interagency task force to address health
challenges emerging from the pandemic. |
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