Cape Verde’s economy showed a 5.1% growth in 2023, a slight decrease from the previous year’s impressive recovery phases. The national GDP increased, aligning more closely with the country’s growth potential. Prime Minister Ulisses Correia e Silva aims to enhance this potential further. After a significant economic contraction in 2020 due to the COVID-19 crisis, the island nation saw remarkable growth in 2021 and 2022. The current growth rate reflects a stabilizing economy post-recovery, with a 5% economic growth forecasted for the current year. Despite challenges in tourism sectors, the economy is showing resilience.
Cape Verde’s Economic Snapshot
The annual average inflation rate decreased to 3.7% in 2023, indicating a decline in inflation pressures. The country saw an improved current account deficit and a growth in net international reserves, ensuring coverage for 6.2 months of imports. With strategic management, Cape Verde continues its recovery and growth trajectory amidst a complex economic landscape.
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