According to the IMF, South Sudan’s economy, hit hard by the coronavirus pandemic is expected to shrink by 4.2 percent in its 2021 financial year. Powerful elites and government officials are potentially profiting from these resources at the expense of the people of South Sudan, a country that gained its independence in 2011. Current GDP (estimated data for 2021) and national debt. There is a high cost of living in most parts of the country. Sudan has experienced protracted social conflict and the loss of three quarters of its oil production due to the secession of South Sudan. The FY21 budget seeks to stabilize the economy, provide basic services, consolidate peace, and address Coronavirus (COVID-19) effects. South Sudan Religion, Economy and Politics. South Sudan (/ s uː ˈ d ɑː n,-ˈ d æ n /), officially known as the Republic of South Sudan, is a landlocked country in east/central Africa. Inflation and the depreciation of the South Sudan pound continue to undermine household purchasing power. Diversifying the economy took a back seat when the oil money was flying in. South Sudan faced serious economic challenges in 2017. South Sudan, Pan-African firm sign deal to construct housing for members of armed forces The MOU was signed in Nairobi by Shelter Afrique's Chief Executive Officer Andrew Chimphondah and Triangle Real Estate Chief Executive Officer Amb. Since South Sudan’s secession’s economic shock, Sudan has struggled to stabilize its economy and make up for the loss of foreign exchange earnings. South Sudan, also called Southern Sudan, country located in northeastern Africa.Its rich biodiversity includes lush savannas, swamplands, and rainforests that are home to many species of wildlife. The interruption of oil production in South Sudan in 2012 for over a year and the consequent loss of oil transit fees further exacerbated the fragile state of Sudan’s economy. South Sudan is currently experiencing a shaky economy with the value of the South Sudan currency on a constant decline. Sudan was involved in two prolonged civil wars during the last half of the 20th century. This has reduced economic growth, and resulted in double-digit consumer price inflation, which, together with increased fuel prices, triggered violent protests in September 2013. As the armed conflict rages on, South Sudan's President Salva Kiir is looking for ways to revive the economy. The neglected sources of revenue in South Sudan that led to the government’s bankruptcy: Blaming drop in oil price and war are coincidental Longar Mathiec Wol, Nairobi, Kenya. The biggest one being the loss of the oil revenue that accounted for more than half of Sudan’s government revenue and 95% of its exports. Sudan’s economy is projected to remain in recession in 2021, with a return to modest growth expected in 2022. South Sudan’s economy is struggling amid hyperinflation caused by the more than six years of the county’s conflict since December 2013. Currently the region supports 10-20 million head of cattle. The conflict-affected oil production in the northern oil fields causing a reduction in oil revenue earnings. Sudan’s economic freedom score is 39.1, making its economy the 175th freest in the 2021 Index. [1] 2. For the latest updates on the key economic responses from governments to adress the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19. Agriculture and mining will drive growth on the supply side, and private consumption and investment on the demand side. South Sudan's economy will have a constant inflow of hard cash from Quangos operating huge bases here in the form of buying refined South Sudanese oil at … South Sudan is a fairly religiously divided nation. Arop Deng Kuol, on behalf of the Ministry of Finance and Planning for the Government of South Sudan. The Gross Domestic Product (GDP) in South Sudan was worth 1 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. South Sudan has suffered multiple shocks in 2020, potentially derailing an economic recovery and peace building process. Live statistics for Economy of South Sudan. Affected by the civil war, the country’s oil output is expected to reach 210,000 barrels per day by the end of 2018. Leave a Reply Cancel reply. [33] 3. Economic Indicators. Live estimate for national public debt today and since the beginning of the year. South Sudan was once a semi-independent region in Sudan, only recently gaining independence as a country in 2011, after a brutal civil war that lasted more than 25 years. Now with production falling to below … Education, electricity, water, transport and other secondary needs are not easy to come by for most residents due to the high pricing. The mineral sector in South Sudan is under siege. From: Counting the Cost South Sudan: Economics of a failed state. South Sudan: Oil revival to boost economic recovery. South Sudan economic factsheet This factsheet provides key economic and development data for South Sudan. Its overall score has decreased by 5.9 points, primarily because of a decline in monetary freedom. Zimbabwe and South Sudan are working towards strengthening ties in the education sector, with the two countries expected to sign another cooperation agreement after the … The GDP value of South Sudan represents less than 0.01 percent of the world economy. Before Sudan gained their independence in 1956, they were controlled by the United Kingdom. Economic and commercial relations between Turkey and South Sudan has considerable potential. In addition, COVID-19 and the floods has also impacted the economy affecting both oil and non-oil revenue. The conflict in December 2013 reopened deeply-rooted political and ethnic tensions that hadn't yet been reconciled in the young country — and those divisions have continued to fuel ongoing clashes. South Sudan also holds one of the richest agricultural areas in Africa in the White Nile valley, which has very fertile soils and more-than-adequate water supplies. In 2020, for instance, trade volume between the two countries reportedly stood at $ 6.2 million. Economic Indicators for South Sudan including actual values, historical data charts, an economic calendar, time-series statistics, business news, long term forecasts and short-term predictions for South Sudan economy. The oil sector had driven much of Sudan's GDP growth since 1999. South Sudan South Sudan's economy is among the victims of the conflict. With the World Bank and the International Monetary Fund both acknowledging Sudan’s progress on economic reforms, the country is moving … It is bordered to the east by Ethiopia, to the north by Sudan, to the west by the Central African Republic, to the southwest by Democratic Republic of the Congo, to the south by Uganda and to the southeast by Kenya. After decades of conflict, South Sudan became an independent state in 2011, but has suffered from social unrest and economic crisis. The funding targets three focus areas– macro-economic stability, foreign exchange reform, and Public Financial Management reform and institution building. The economy of South Sudan undoubtedly will remain linked to Sudan for some time, given the long lead time and great expense required to build another pipeline. It was accused of grand corruption, bringing the economy close to disintegration, and committing serial human rights abuses, including war crimes and mass murder in Darfur, the Nuba Mountains and the now independent state of South Sudan.. Against the odds and most predictions, Sudan’s revolutionaries built a peaceful and disciplined movement to oust one of the world’s most … For nearly a decade, the economy boomed on the back of rising oil production, high oil prices, and significant inflows of foreign direct investment. These conflicts were rooted in northern economic, political, and social domination of largely non-Muslim, non-Arab southern Sudanese. The top two faiths are traditional African religions and Christianity, and the percentages of each vary depending on who you ask. Much has changed in Sudan since April 2019, when a popular uprising toppled President Omar al-Bashir. South Sudan: The GDP (gross domestic product) in South Sudan is forecast to amount to 0 in 2024. During the last 6 years South Sudan's economy has become relatively less complex, moving from the 142nd to the 146th position in the ECI rank. The country has been removed from the US Department of State’s “Sponsors of Terrorism” list, and it has begun to cooperate with the ICC. A nation’s economy refers to the macroeconomic indicators of the country. These economic complexity rankings use 6 digit exports classified according to the HS96 classification. 0. Furthermore, the oil and mining industries are projected to grow by more than 10.7% in 2020 with the service sector also projected to increase. South Sudan - Economy. South Sudan’s economy is very dependent on its oil exports as oil makes up more than 40% of the country’s GDP. South Sudan’s economy hit by drop in oil prices, floods $174.2M IMF loan to help stabilize exchange rate, prices, says central bank governor News Service 10:44 April 02, 2021 AA From: Foreign, Commonwealth & … The secession of South Sudan induced multiple economic shocks. But that’s exactly what the government of South Sudan has been doing. We analyse why South Sudan, despite its vast oil wealth, is still suffering economically four years after independence. According to the World Bank, South Sudan is the most oil-dependent country in the world, with oil accounting for almost the totality of exports, and for around 60% of our gross domestic product (GDP). Value of South Sudan, despite its vast oil wealth, is still suffering economically years... Gdp ( estimated data for 2021 ) and national debt faiths are African. Sudan currency on a constant decline commercial relations between Turkey and South Sudan economy a... 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