Third Gambia Economic Update
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Washington, DC: World Bank
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The Gambia’s economy continued to
recover in 2022, albeit at a subdued pace in a sluggish
global economic environment. Real GDP increased by
4.3 percent (1.8 percent in per capita terms) in 2022,
unchanged from 2021, when economic growth was recovering
from the COVID-19 pandemic following a sharp deceleration to
0.6 percent in 2020. On the supply side, growth was
supported by improved agricultural production, which
benefited from a relatively rainy season. A deceleration of
growth in industry and subdued growth in the services sector
explain The Gambia’s weak growth performance. Rising world
commodity prices and trade disruptions weighed on the
economy, as the country is a net importer of oil and food
commodities and has experienced negative terms of trade.
Growth in industry was affected by rising prices and limited
availability of manufacturing and construction inputs. Weak
growth in services was linked to a weaker-than-expected
recovery in tourism, which, although the number of arrivals
increased, was not sufficient to offset weak growth in other
subsectors. On the demand side, growth was driven by
increased public consumption and infrastructure investment,
while private consumption slowed, and exports contracted.
Economic growth was 1.3 percentage points (ppts) below
initial projections, owing to the spillover effects of
Russia’s invasion of Ukraine.
Palabras clave
FINANCIAL INCLUSION, DIGITALIZATION, LEGAL FRAMEWORK, PAYMENT INFRASTRUCTURE