Sao Tome is a small, lower-middle-income economy. The country is in a remote location and is thus more fragile to terms-of-trade challenges. Currently, the World Bank Group’s Country Partnership Strategy (CPS) is actively working towards “supporting macroeconomic stability and national competitiveness, and reducing vulnerability and strengthening human capacity.”
Africa HR Solutions help organisations with a comprehensive HR outsourcing strategy that enables them to move with peace of mind to Sao Tome. Our Sao Tame HR outsourcing services include Professional Employer Organisation (PEO), Employer of Record, payroll outsourcing and other ancillary solutions, all with the objective to assist companies with their international expansion plans.
Country Profile - Sao Tome & Principe
Population: 0.21 mn
Gross Domestic Product (GDP): $0.47 bn
GDP Growth: -6.4%
Foreign Direct Investment (% of GDP): –
Unemployment Rate: 13.9 %
Capital: São Tomé
Currency: São Tomé and Príncipe dobra
Sao Tome & Principe's Economy
Being an African nation close to the equator, São Tomé is known not to have been severely impacted health-wise by the Covid-19 pandemic. However, just like most countries, the tourism sector has been affected due to the closure of its borders. The country has robust ties with Portugal and Portuguese-speaking economies such as Angola and Brazil. São Tomé is dependent on agriculture (cocoa, coffee, pepper), whereby exports are expected to recover this year. There are high imports and exports costs due to the remote location of the country. São Tomé still receives international aid from public bodies such as the World Bank, the African Development Bank (AfDB), European Union (EU) among others to boost the development of the country.