The economy contracted by more than 12% in 2020. Declines in the mining, manufacturing, transport, and distributive trades sectors underpinned the sharp economic contraction. 2020 was characterised by increasing fiscal woes and declining foreign exchange reserves as the Government failed to service some of its commercial debt, triggering downgrades of its credit rating to selected default by the major rating agencies. Weak macroeconomic conditions were aggravated by the impacts of the global health pandemic, that took hold in 2020, and which also affected growth. Economic recovery, though uncertain, hinges on needed policy and structural reforms to, inter alia, narrow imbalances, restore stability and strengthen the country’s economic competitiveness to support stronger private sector-led, inclusive and sustainable growth. Steps to better control and end the ongoing health crisis are also paramount.