The president was delivering his mandatory annual state of the nation's address in Banjul, where he also blamed COVID-19 for slowed implementation of several development plans earmarked for this year.
"The Gambia has been experiencing a slowdown of economic growth due to the reduction of economic activities, as a direct result of the COVID-19 pandemic. An initial analysis shows that GDP growth rates this year could decline from six percent to two percent," he said.
The president said the decline in import volumes and economic activities will correspondingly lead to shortfalls in import duties and other tax revenues.
"Based on the current situation, an estimated twenty percent of expected revenue will be lost," he disclosed.
According to him, the total estimated fiscal impact from the decline in import duties and other tax revenues is 2.3 billion Dalasis (about 44 millions U.S. dollars).
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