{"id":59079,"date":"2024-05-29T08:28:19","date_gmt":"2024-05-29T08:28:19","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/uncategorized\/gambian-economy-shows-resilience-amid-global-challenges"},"modified":"2024-05-29T08:46:56","modified_gmt":"2024-05-29T08:46:56","slug":"gambian-economy-shows-resilience-amid-global-challenges","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/gambian-economy-shows-resilience-amid-global-challenges","title":{"rendered":"\u2018Gambian economy shows resilience amid global challenges\u2019"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>The Gambia\u2019s economy has shown a remarkable resilience in the face of heightened global and regional uncertainties, according to The Gambia\u2019s Fourth Economic Update \u2013 Spring 2024. Despite a sluggish global environment, the country\u2019s real GDP grew by 5.3% in 2023, signaling a continued recovery from the COVID-19 pandemic and persistent external headwinds.<\/b><\/p>\n

\u201cWe are pleased to see the Gambia\u2019s economic activity improved\u201d, said Feyi Boroffice, World Bank Resident Representative. \u201cThe improved agricultural production and increased public consumption as well as private and public investment drove this positive growth. However, challenges such as higher inflation, monetary tightening and economic slowdown in advanced economies disrupted the tertiary sectors and slowed private consumption, all of which tempered the country\u2019s overall performance\u201d.<\/p>\n

Inflation pursued its uptrend throughout 2023 to reach even higher levels in decades, mainly due to global price of commodities. The Central Bank of The Gambia has responded by further tightening monetary policy to curb inflation, raising the policy rate to 17% in December 2023 from 13% a year before.<\/p>\n

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Looking ahead, the economic outlook for The Gambia remains favorable, with GDP projected to grow by 5.6% over the period of 2024-2026. Growth will be driven by increased economic activity in all sectors, while hinging on a continuous commitment to macro-fiscal stability. However, the prolonged regional and global geopolitical tensions, debt vulnerabilities, reemerging forex pressures, extreme weather events, fiscal slippage, and continued financial tightening, poses downside risks to the country\u2019s economic prospects.<\/p>\n

From the long-term perspective, the pace of economic growth has been declining and volatile since independence, due to the occurrence of droughts, economic mismanagement, and weak governance, combined with poor infrastructure and other structural constraints, all of which resulted in negative long-term productivity growth.<\/p>\n

Following its democratic transition in 2017, The Gambia recorded resilient growth and positive productivity growth, thanks to relative improvements in macroeconomic and fiscal management and stability. Poverty and inequality remain high, while disparities prevail in access to essential service. Also, The Gambia\u2019s labor market suffers from significant underutilization, low labor force participation, and high informal employment, with large gender disparities. The Gambia\u2019s economy suffers from a lack of structural change, despite an increase in productivity following the country\u2019s transition to democracy, with a room for maneuver to improve inclusive growth.<\/p>\n

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\u201cThe Gambia\u2019s economic recovery is encouraging, but there is need to address structural constraints hampering faster growth,\u201d emphasized Ephrem Niyongabo, World Bank Economist for The Gambia and Author of report. \u201cIt is crucial for the government to implement policies that enhance transformative structural changes, needed to sustain productivity and productivity and support the country\u2019s inclusive economic growth agenda.\u201d<\/p>\n

The World Bank stands ready to continue supporting The Gambia in its efforts to strengthen the economy, reduce poverty, and achieve sustainable and inclusive growth.<\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. The Gambia\u2019s economy has shown a remarkable resilience in the face of heightened global and regional uncertainties, according to The Gambia\u2019s Fourth Economic Update \u2013 Spring 2024. Despite a sluggish global environment, the country\u2019s real GDP grew by 5.3% in 2023, signaling a continued recovery from the COVID-19 pandemic and persistent external […]<\/p>\n","protected":false},"author":84,"featured_media":59078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[2355,2361,260],"class_list":["post-59079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-gambia","tag-gambia"],"yoast_head":"\n\u2018Gambian economy shows resilience amid global challenges\u2019 - Gambia<\/title>\n<meta name=\"description\" content=\"The Gambia\u2019s economy has shown a remarkable resilience in the face of heightened global and regional uncertainties, a ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambian-economy-shows-resilience-amid-global-challenges\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Gambian economy shows resilience amid global challenges\u2019\" \/>\n<meta property=\"og:description\" content=\"The Gambia\u2019s economy has shown a remarkable resilience in the face of heightened global and regional uncertainties, a ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambian-economy-shows-resilience-amid-global-challenges\" \/>\n<meta property=\"og:site_name\" content=\"Gambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-29T08:28:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-29T08:46:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2024\/05\/sm_1716959652.644964.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambian-economy-shows-resilience-amid-global-challenges#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambian-economy-shows-resilience-amid-global-challenges\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"\u2018Gambian economy shows resilience amid global challenges\u2019\",\"datePublished\":\"2024-05-29T08:28:19+00:00\",\"dateModified\":\"2024-05-29T08:46:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambian-economy-shows-resilience-amid-global-challenges\"},\"wordCount\":484,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambian-economy-shows-resilience-amid-global-challenges#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2024\/05\/sm_1716959652.644964.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Gambia\",\"Gambia\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambian-economy-shows-resilience-amid-global-challenges#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambian-economy-shows-resilience-amid-global-challenges\",\"url\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambian-economy-shows-resilience-amid-global-challenges\",\"name\":\"\u2018Gambian economy shows resilience amid global challenges\u2019 - 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