The Gambia’s economy continues to grow, with Gross Domestic Product (GDP) growth projected at 5.5% between 2023 and 2025. According to the World Bank, the country has demonstrated extraordinary resilience in the face of global economic concerns, with a real GDP growth rate of 4.3% in 2022 alone.
On the supply side, increasing agricultural production aided development, with the country benefiting from a particularly wet season. On the demand side, greater public consumption and infrastructure investment drove growth.
Going forward, the country’s 5.5% GDP growth is expected to be supported by increasing economic activity across various sectors, with industry and services performing substantially better. Services and agriculture are likely to rise further, assuming increased tourist arrivals as advanced economies recover leading to a surge in global travel.
Public infrastructure plans and increased remittances will help encourage private investment in the industry sector. Construction, electricity, steam, air conditioning, and energy are the subsectors predicted to fuel industrial growth.
World Bank economist Ephrem Niyongabo stressed the hopeful nature of The Gambia’s economic recovery. He did, however, emphasize the need to tackle the structural restraints that are impeding the economy. According to Niyongabo, there is a critical need for the government to implement policies that promote financial inclusion, allowing greater access to financial services and, ultimately, boosting the country’s economic growth.
Original Source: The Standard Newspaper