The World Bank says The Gambia’s economy has shown a remarkable resilience in the face of heightened global and regional uncertainties, according to The Gambia’s Fourth Economic Update – Spring 2024.

Despite a sluggish global environment, the country’s real GDP grew by 5.3% in 2023, signaling a continued recovery from the COVID-19 pandemic and persistent external headwinds.

Sankulleh Janko has more details.

World Bank Resident Representative Feyi Boroffice aanounced on Friday the improvement in the Gmabia’s economic activities, occasioned by improved agricultural production and increased public consumption as well as private and public investment drove this positive growth.

However, challenges such as higher inflation, monetary tightening and economic slowdown in advanced economies disrupted the tertiary sectors and slowed private consumption, all of which tempered the country’s overall performance”.

In its projection, the world bank said the economic outlook for The Gambia remains favorable, with GDP projected to grow by 5.6% over the period of 2024-2026.

Growth will be driven by increased economic activity in all sectors, while hinging on a continuous commitment to macro-fiscal stability.