The Gambia economic updated report provided an annual assessment of the recent economic developments in the country that focused on special topics with the aim to inform the government, academic community, the public and the development partners on the state of the country’s economy and the structural challenges the country faces in its pursuit of development.
The theme on the updated report was: ‘Jumpstarting inclusive and sustained growth’, discussing the economic outlook for The Gambia, growth performance history and to what extent growth translated into improved lives for citizens with a focus on poverty, access to services and employment dynamics.
Feyi Boroffice, World Bank country representative, explained that The Gambia’s economy was exposed to persistent challenges in the global economy with the continued tightening of monetary policies and financing conditions along with persistently high global high-commodity prices which fuel domestic inflation.
However, she said that despite those adverse developments, Gambia’s economic activities increased in 2023, which was allowing the country to continue on its recovery path, post-COVID.
Seedy Keita, Minister of Finance and Economic Affairs, said Gambia’s economy remains vulnerable but resilient, adding that the vulnerabilities start from excessive reliance from remittances and grants, as well as the challenges of inflation and economics, globally.
Finance Minister Keita said that it was important to adopt prudent macro fiscal policies to build the fiscal space and enhance some capacities to absorb the shocks.
“We are living in an unprecedented crisis and the only way is to insulate ourselves by building the necessary stabilisers,” the finance minister pointed out. He added that the recent economic updates provided them with a comprehensive analysis of their economy.
Amie Chongan Njie, economist, Ministry of Finance said the Gambia macro activities increased in 2023 amid global challenges, adding that the growth was supported by public consumption and investment of private and public sector on the demand side, while on the supply, growth was mainly supported by improved agricultural and industrial production.
Ephrem Niyongabo, World Bank economist, said if they considered the period from early 2000-2022, productivity in the Gambia had been a negative, and if one could consider from 2017-2019, productivity turned to a positive territory.
