Mozambique is a southern African nation whose long Indian Ocean coastline is dotted with popular beaches like Tofo, as well as offshore marine parks. In the Quirimbas Archipelago, a 250km stretch of coral islands, mangrove-covered Ibo Island has colonial-era ruins surviving from a period of Portuguese rule. The Bazaruto Archipelago farther south has reefs which protect rare marine life including dugongs.
The onset of the COVID–19 pandemic caused a sudden stop to Mozambique’s good economic performance. Real GDP contracted by an estimated 0.5% in 2020, the first decline in 28 years, after growing 2.2% in 2019. A slowdown in construction, tourism, and transport, and a decrease in demand for commodities exports were the main drivers of the deceleration. Economic activity was also hurt by the escalating conflict in the northern province of Cabo Delgado, which has displaced more than 250,000 people and resulted in more than a thousand deaths.
Recent oil and gas discoveries across East Africa, most notably in Mozambique and Tanzania, have seen the region emerge as a new player in the global oil and gas Industry. The discoveries have driven billions of dollars in annual investment to the region. According to BMI estimates, the finds in the last few years are more than that of any other region in the world, and the discoveries are expected to continue for the next few years.
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