Gambian GDP to Grow 5.5% Between 2023 and 2025, Says World Bank

The Gambia. GDP. Bigstock

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.

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Onur Yilmaz

Onur Yilmaz

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