The Central Bank of Solomon Islands says the country's economy is heading into a recession.
In a statement released Wednesday evening the Bank said the speed and extent of the global impact of the Covid-19 pandemic has forced a review of its near-term growth outlook for Solomon Islands.
It is predicting a significant decline in the country's GDP of between negative 3 and 5 percent in 2020 with the economy moving into a recession from the second quarter.
It said this is being driven by disruptions to travel and supply chains as well as the uncertainty in global demand for the country's exports.
The bank said it is closely monitoring the situation and is working closely with the government to mitigate the impact of the Covid-19 pandemic on the country.
It said while containment is the priority at the moment the country should start planning how to kick-start its recovery once the pandemic is over.
