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The World Bank Group
Source: The World Bank Group |

Climate Action Essential to Senegal’s Upper-Middle-Income Country Aspiration, says New Report

The report calls for strategic investments and policy reforms to mobilize resources and create an enabling environment for climate action

A new World Bank Group report highlights the significant economic and social benefits of climate action in Senegal as it pursues its Vision 2050 development plan. The new Climate Change and Development Report (CCDR) for Senegal underscores the cost of climate inaction, warning that without adaptation, climate impacts could shrink…

The World Bank Group
Source: The World Bank Group |

Climate Resilience in Guinea-Bissau Hinges on Stability, Governance and Business Climate

A community-based strategy can unlock long-term benefits and reduce climate risks

Strengthened institutional and financial systems are crucial for fostering climate resilience and sustainable development in Guinea-Bissau, according to the newly launched Country Climate and Development Report (CCDR). Despite having the highest natural capital per capita in West Africa, Guinea-Bissau faces significant development challenges, namely high poverty rates, political instability, and…

The World Bank Group
Source: The World Bank Group |

Nigeria - Staying the Course on Reforms: Progress Amidst Challenges

The new direction of macroeconomic policies should be sustained, including the Central Bank of Nigeria’s appropriately tight monetary policy stance

Since May 2023, Nigeria has implemented significant reforms to stabilize its economy, resulting in modest growth, improved fiscal health, and rising foreign exchange reserves. While these measures were necessary to urgently avert a fiscal crisis and place Nigeria on a stronger development path, they have imposed short-term pressures on households…

The World Bank Group
Source: The World Bank Group |

Urgent Education Reform Key to Unlocking Faster, More Inclusive Growth in Africa

270 million children are enrolled in primary and secondary schools today, and primary school completion rates have improved substantially since 2000

Despite signs of a fragile economic recovery, Sub-Saharan Africa, remains stuck in “low gear” with a large youth population at risk of being left behind. According to the latest edition of Africa's Pulse, the World Bank’s twice-yearly regional economic update released on October 14, two factors are critical to jumpstart inclusive growth: stabilizing economies and transforming education…

The World Bank Group
Source: The World Bank Group |

Sierra Leone Should Adopt Fiscal Consolidation Measures to Ensure a Sustainable Economic Environment

The report notes a slightly optimistic medium-term outlook, with growth expected to recover to its long-term average of 4.6%

Sierra Leone's economy grew by 5.7% in 2023, exceeding expectations, driven by strong performance in the mining sector. However, growth is projected to slow to 4.3% in 2024 due to declining iron ore prices, according to the new World Bank Sierra Leone Economic Update launched today. The report notes a slightly optimistic…

The World Bank Group
Source: The World Bank Group |

Equatorial Guinea Economic Update: Designing Fiscal Instruments for Sustainable Forestry

Forests in Equatorial Guinea are estimated to cover about 87% of its territory and play a vital role as an essential ecosystem

The World Bank today issued the 2024 Equatorial Guinea Economic Update which analyzes the country’s recent economic developments and outlook and highlights the importance of designing effective fiscal instruments for sustainable forestry and economic diversification. Following two years of recovery, the economy of Equatorial Guinea contracted by 5.7% in 2023, driven by…

The World Bank Group
Source: The World Bank Group |

Djibouti's Economy Shows Strong Growth in 2023 Despite Fiscal Challenges

The medium-term outlook for Djibouti remains cautiously optimistic, with projected annual GDP growth of 5.1 percent between 2024 and 2026

Djibouti’s economy achieved an impressive rebound in 2023, outperforming forecasts with GDP growth estimated at 6.7 percent. The country benefited from a recovery in Ethiopia’s growing demand for port and logistics services. Additionally, domestic demand remained strong, supported by a recovery in private investment and government measures to mitigate the…

The World Bank Group
Source: The World Bank Group |

Niger Anticipates Economic Recovery on the Back of Oil Revenues

The report analyzes the country's recent economic and poverty trends and provides a three-year outlook

Niger's economy is set to rebound after a year marked by an unprecedented political crisis. However, the rebound is dependent on favorable security and climate conditions, and continued oil production for exports, according to the World Bank's latest economic update for Niger, published today. The report analyzes the country's recent…

The World Bank Group
Source: The World Bank Group |

Somalia is Navigating Progress Amidst Persistent Challenges

While signs of recovery have emerged, growth has not been sufficient to raise GDP per capita, and poverty has remained constant between 2017 and 2022

Somalia has made significant macroeconomic strides in recent years, but these gains have yet to translate into poverty reduction, with over half of the population still living below the national poverty line, says a new World Bank report, titled "Somalia Poverty and Equity Assessment”. “Notably, Somalia achieved the historic Heavily Indebted…

The World Bank Group
Source: The World Bank Group |

World Bank Approves US$90 Million Additional Financing for Djibouti Regional Economic Corridor

The new financing will support the rehabilitation, improvement, management, and maintenance of three sections of the Southern Corridor Road

The World Bank’s Board of Directors has approved US$90 million in additional financing for the Horn of Africa Initiative: Djibouti Regional Economic Corridor project.  The new support will expand the scope of the US$70 million original project, approved in December 2021, to enhance regional connectivity and resilience, logistics efficiency, and improve accessibility for…