Macro - Country Economic Forecasts - Tonga
The devastating impact of the Hunga Tonga–Hunga Ha'apai volcanic eruption and ongoing lockdowns to contain the spread of coronavirus have led us to lower our FY2022 GDP forecast for Tonga to a 0.4% contraction from a 3.6% expansion. However, we have raised our outlook for FY2023 to 2.3% GDP growth, up from 1.9% previously, provided lockdown restrictions ease, reconstruction efforts get underway, and global growth remains strong. Vulnerability to natural disasters skew the risks to our long-term growth outlook to the downside.
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