An initial assessment of the overall impact of COVID-19 on the economy estimated loss to its gross domestic product at over $60 million pa’anga for the FY 2020.
According to the Government, t is projected at least GDP loss of over $200 million if the pandemic continues without a stop to the first two quarters of FY2021.
Domestic Revenue as a result is expected to be reduced by $35 million therefore projected for a fiscal deficit in FY2020, and $40m loss of revenue stream for FY2021 with a projected fiscal deficit of $54m.
