In 2023, The Gambia showcased impressive economic growth despite global uncertainties. With a real GDP growth of 5.6%, driven by sectors like tourism and agriculture, the nation saw a reduction in inflation and fiscal deficits. The Central Bank of The Gambia’s monetary policies played a crucial role in these achievements.
While public debt decreased, external financial health remained fragile due to a widening current account deficit. Looking forward, The Gambia anticipates continued growth fueled by infrastructure projects and digital advancements, despite risks from geopolitical tensions and climate change.
Gambia’s Economic Transformation
The path to sustainable economic transformation involves addressing weaknesses in agriculture and industry, emphasizing the importance of technology and skill development. Structural changes, supported by multilateral institutions, aim to boost development and financial stability.
As The Gambia progresses, international support will be vital in navigating financial challenges and building a resilient economic future.
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