The economy returned to modest growth in 2022. However, the ongoing economic crisis continued to weigh on social conditions and on economic growth although the effects of the COVID-19 pandemic abated. Government’s policy was geared towards continuing the implementation of its home-grown Recovery Plan (2020-2022) [RP], with financing support from an International Monetary Fund (IMF) 36-month Extended Fund Facility (EFF) that was approved in December 2021. The Government continued to actively negotiate with creditors to secure a restructuring of its external debt, a key component of its reform agenda to address its debt crisis. Supply chain disruptions, foreign exchange shortage, and the declining currency contributed to high inflation resulting in a cost-of-living crisis that undermined social cohesion.

The economic recovery is expected to broaden in 2023. Accelerated EFF programme implementation including further fiscal consolidation should provide an anchor for macroeconomic stability as high inflation and the fragile macroeconomic environment remain major challenges for Suriname’s short-term development.