IMF says Gambia’s economic growth projected to 0.3% in 2018

31 Octobre 2017

Banjul, Gambia, October  31 (Infosplusgabon) - The International Monetary Fund (IMF) regional economic outlook has projected that Gambia’s economic growth will be 0.3% in 2018.

Ruby E.M. Randall, IMF resident representative, noted that the country’s growth recovers positively thereby urging the country to keep pace with population growth.

“The Gambia fiscal deficit is projected to sharply improve. This reflects the new government’s commitment to break with past policies and restore macroeconomic stability and debt sustainability, through the implementation of revenue and expenditure measures and the strong support of development partners,” she said.

She made these remarks Tuesday during the presentation of the IMF’s regional economic outlook under the theme: “Fiscal adjustment should be designed to minimize any adverse impact on growth.”

According to her, the country has tremendously recuperated from inflation, adding that the Gambia is below the regional sub-Saharan Africa.

She urged the government to break with the past policies in order to effectively free the country form debt zone.

However, she noted that the country’s high debt vulnerability is largely as a result of the legacy of the past, confirming that it has been addressed within the context of the staff monitor program.

She further noted that The Gambia’s debt to GDP ratio was more than double to the sub-Saharan Africa median in 2016 at 120%, adding that both the country’s GDP ratio and Services ratio is expected to declined significantly over the medium term

Meanwhile, she further highlighted various key improvement registered on the economics of sub-Saharan Africa, saying the economy is picking up but insisted that the primary situation remains a challenge with the rising dept vulnerabilities.

Dr. Rugby confirmed that growth in sub-Saharan Africa is expected to accelerate to 3.4% in 2018.

“Most east and west African nations’ economies continue to grow at a brisk pace of 5 percent or more, but per capita incomes are expected to decline in 12 countries, home to 40% of the regions of 400 million” she outlined.

FIN/INFOSPLUSGABON/FIV/GABON 2017

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