World Bank Group launch second Economic Update report for the Gambia
The World Bank Country Director Nathan M. Belete, has said that the Gambia’s economy recovered in 2020 after it was hit hard by the coronavirus pandemic 2020. Mr. Belete was addressing government officials, researchers, and World Bank officials at a gathering that discussed the country’s economic outlook, the structural reforms needed, and the development challenges. In its report published on Monday, the world bank says the Gambia performed better initially than in previous years after the global travel ban of 2020. It says lockdown measures initially caused job losses and food insecurity, but poverty levels are estimated to have fallen in 2021 as a result of pandemic-related support. The report on the Economic update indicates inflation is expected to stay high in the medium term, eroding household incomes, as global supply disruptions and high commodity prices continue. The services sector is projected to grow by 7.2 percent in 2022. Agriculture should grow by 2.0 percent in 2022, assuming favourable weather, and industrial output by 4.9 percent in 2022. On the demand side, remittances are expected to continue supporting private consumption and investment in construction and improve the external position. GDP growth is expected to rise to 6.2 percent in 2023 (3.3 percent per capita) and to 6.5 percent in 2024 (3.6 percent per capita). The Minister of Finance and Economic Affairs, Seedy M. Keita, explained measures that the government took to improve the country’s tax administration and streamline tax expenditure. He said a tax policy unit within the directorate of Economic policy and research was established, under which a comprehensive tax policy for the country will be developed.
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