The Gambia Economic Update, Spring 2024
Jumpstarting sustained and inclusive growth is the only way to improve the living conditions of the Gambians. Heightened global and regional uncertainties coupled with vulnerability climate shocks cloud the economic outlook, making efforts to improve the living conditions of the Gambians more challenging. The tightening of financing conditions has led to higher borrowing costs, exacerbating debt vulnerability although increased grants financing helped mitigate fiscal risks while supporting economic activity. The Gambia needs to maintain prudent macro-fiscal policies to build fiscal space, enhance its capacity to absorb shocks, especially in the context of the end of the debt deferral and overlapping external shocks. Fiscal consolidation efforts started in 2023 should be maintained with accelerated revenue collection measures and rationalization of public spending, while preserving much-needed public services provision, investment, and pro-poor spending. Structural issues such as reliance on low-value added tourism, limited private sector development, and low productivity continue to affect the Gambia growth potential, calling and new growth model to enable economic opportunities for all Gambians.
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| Format: | Economic Updates and Modeling biblioteca |
| Language: | English en_US |
| Published: |
Washington, DC: World Bank
2024-05-29
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| Subjects: | FISCAL ASPECTS OF GREEN GROWTH, TOURISM, INCLUSIVE GROWTH, CLIMATE CHANGE ADAPTATION, CLIMATE ACTION, SDG 13, DECENT WORK AND ECONOMIC GROWTH, SDG 8, |
| Online Access: | http://documents.worldbank.org/curated/en/099052124221540465/P5004821f1d6a90b81b7231d812cc67b395 https://hdl.handle.net/10986/41611 |
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| Summary: | Jumpstarting sustained and inclusive
growth is the only way to improve the living conditions of
the Gambians. Heightened global and regional uncertainties
coupled with vulnerability climate shocks cloud the economic
outlook, making efforts to improve the living conditions of
the Gambians more challenging. The tightening of financing
conditions has led to higher borrowing costs, exacerbating
debt vulnerability although increased grants financing
helped mitigate fiscal risks while supporting economic
activity. The Gambia needs to maintain prudent macro-fiscal
policies to build fiscal space, enhance its capacity to
absorb shocks, especially in the context of the end of the
debt deferral and overlapping external shocks. Fiscal
consolidation efforts started in 2023 should be maintained
with accelerated revenue collection measures and
rationalization of public spending, while preserving
much-needed public services provision, investment, and
pro-poor spending. Structural issues such as reliance on
low-value added tourism, limited private sector development,
and low productivity continue to affect the Gambia growth
potential, calling and new growth model to enable economic
opportunities for all Gambians. |
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