Timor-Leste Economic Report : Investing in the Next Generation
Buffeted by COVID-19 and Tropical Cyclone Seroja, the non-oil economy grew by 1.5 percent in 2021. A record-high budget with expenditure of nearly 90 percent of GDP bolstered government consumption. A series of fiscal and quasi-fiscal stimulus meas...
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| Language: | English |
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Washington, DC: World Bank
2022
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| Online Access: | http://documents.worldbank.org/curated/en/099355106282275819/P1773510568a060db09183035b08e384fec http://hdl.handle.net/10986/37604 |
| Summary: | Buffeted by COVID-19 and Tropical
Cyclone Seroja, the non-oil economy grew by 1.5 percent in
2021. A record-high budget with expenditure of nearly 90
percent of GDP bolstered government consumption. A series of
fiscal and quasi-fiscal stimulus measures supported
employment and incomes, thereby allowing households to
maintain their consumption. On the demand side, gross
capital formation shrunk while net exports expanded. The oil
economy grew by 8.3 percent, bringing the total economic
growth to 4.4 percent.1 The government lifted the
pandemic-related state of emergency at the end of November
2021, but challenges remain. Following a relatively brisk
start, the vaccination campaign has moved sluggishly in
recentmonths. Nevertheless, the authorities have initiated
vaccination of children and adolescents between 12 and 18
years old, while booster shots have been made available.
There has been a concerning surge of Dengue Fever with 5,000
reported cases (and 54 fatalities) to date since January
2022‒a more than seven-fold increase from the same period a
year ago. All restrictions for inbound international
vaccinated travelers to Timor-Leste havebeen rescinded. By
the end of May 2022, the partly vaccinated and fully
vaccinated figures in Timor-Leste stood at 85.4 percent and
73.4 percent, respectively. |
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