South Sudan’s economy is set to register growth of 2.1 percent in the fiscal year 2022/2023 after stagnation in 2021/22.
Changkuoth Bichiock, Chairperson of the Specialized Committee on Finance and Economic Planning said the economy would grow slightly at a higher rate due to slow global economic recovery.
“The real growth domestic product (GDP) of South Sudan contracted by 2.8 percent as projected, but it is expected to rise by 2.1 percent during the fiscal year 2022/23 due to slow global economic recovery,” Bichiock said during the second reading of the 2022/23 fiscal budget in the national parliament in Juba on Thursday.
He blamed slow economic growth last year on drop in oil production in the northern oil fields due to heavy flooding.
“South Sudan has been affected by floods for the last four years consecutively as a result of climate change, and this has interrupted oil production during the fiscal year 2021-2022,” Bichiok said.
He said the challenges which affected last year’s budget will be addressed in the current budget.
“Given the economic challenges of the fiscal year 2021/22, the economic policies designed for the fiscal year 2022/23 should be to improve the condition for economic recovery and growth,” Bichiok said.
This year’s fiscal budget is estimated at 1.3 trillion South Sudanese Pounds.
