Sudan
The Sudanese economy still struggles to find traction after losing almost 75% of its oil production capacity following the 2011 secession of South Sudan. Nevertheless, the agricultural and mining sectors have provided some support in an economy plagued by conflict, corruption and double-digit inflation.
The political landscape has changed drastically since former President Omar Al-Bashir was ousted in a military-led coup on April 11. The military and civilian representatives agreed on the formation of the country’s new Sovereign Council, Parliament and Constitution, which have been established over the past quarter. On September 6, Prime Minister Abdalla Hamdok unveiled Sudan’s new ‘technocratic’ cabinet around three weeks after being appointed to his post. The government is currently implementing a nine-month economic reform plan which seeks to curb inflation, attract investment, and restructure the fiscal budget. While more details are still expected, the overall success of this plan will likely be determined by Sudan’s ability to attract international support. Saudi Arabia and the UAE pledged $3bn in aid to Sudan, while Mr Hamdok is trying to secure an IMF loan and $2bn in developmental aid from the World Bank and is in talks regarding restructuring the country’s debt. Despite renewed optimism, economic conditions remain difficult, and real GDP is forecast to contract for the second consecutive year in 2019. (Source: Sudan Annual Country Profile, published October 2019)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-11.6 |
|
Consumer Price Index (% change y-o-y, avg) |
63.3 |
|
Current Account Balance (as a % of GDP) |
-11.4 |
|
Real GDP (annual % change) |
-2.3 |
|
GDP per Capita, US$ |
977.4 |
|
Import Cover (months) |
0.2 |
|
Population, million |
41.9 |
| Total External Debt (as a % of GDP) |
132.8 |