[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109574-en":3,"doc-seo-109574-105":31,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109574,1099514068035,"Ezra","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","Cabo Verde Country Private Sector Diagnostic - An Archipelago of Opportunity: Pathways to Foster Sustainable Private Sector–Led Growth - Executive Summary","Cabo Verde’s geography and resource constraints shape both challenges and opportunities for private sector-led growth. After reforms that expanded tourism and attracted foreign investment, the country achieved strong economic and social gains and moved to lower-middle-income status. However, growth has slowed and value addition remains limited due to heavy dependence on an all-inclusive sun-and-sea model, concentrated FDI, low productivity, and low-skilled service exports. Vulnerability to external shocks, including climate change and COVID-19, further undermines resilience, calling for new pathways.","Public Disclosure Authorized Public Disclosure Authorized  \nDisc losure Authorized  \nPublic  \nCOUNTRY PRIVATE SECTOR DIAGNOSTIC  \nCREATING MARKETS INCABO VERDE  \nAn Archipelago of Opportunity: Pathways to Foster Sustainable Private Sector–Led Growth  \nExecutive Summary  \nMarch 2024  \nAbout IFC  \nIFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets and developing economies. We work in more than 100 countries, using our capital, mobilization capacity, expertise, and influence to create jobs and raise living standards, especially for the poor and vulnerable.  \nIn fiscal year 2023, IFC committed a record US$43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to improve people’s lives as economies grapple with the impacts of global compounding crises. For more information, [visit www.ifc.org](visit www.ifc.org).  \n© International Finance Corporation 2024. All rights reserved.  \n2121 Pennsylvania Avenue, N.W.  \nWashington, D.C. 20433  \nThe material in this work is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. IFC does not guarantee the accuracy, reliability or completeness of the content included in this work, or for the conclusions or judgments described herein, and accepts no responsibility or liability for any omissions or errors (including, without limitation, typographical errors and technical errors) in the content whatsoever or for reliance thereon. The findings, interpretations, views, and conclusions expressed herein are those of the authors and do not necessarily reflect the views of the Executive Directors of the International Finance Corporation or of the International Bank for Reconstruction and Development (the World Bank) or the governments they represent.  \nPhoto: Cover, © Igor Tichonow/Adobe Stock.  \nEXECUTIVE SUMMARY  \nCabo Verde, an archipelagic small island developing state, is endowed with an economic geography that poses both challenges and opportunities. The country consists of ten islands, nine of which are inhabited, located 500 kilometers (km) off the west coast of Africa, with an estimated population of 556,000 people in 2020.1 Only about 10 percent of the land is arable, and mineral resources are limited. Cabo Verde also has a sea-to-land ratio of more than 170, one of the highest in the world, and an extensive exclusive economic zone of over 700,000 square km.  \nPrior to 1991, the economy of Cabo Verde was largely sustained by official development assistance and remittances, with limited tourism receipts. From 1991 to 2018, recognizing the untapped potential of tourism, the government of Cabo Verde undertook structural reforms to attract tourism-related foreign direct investment (FDI) and heavily invested in multiple infrastructure projects to strategically position two of its main islands, Sal and Boa Vista, for the all-inclusive sun-and-sea model. This model, however, was dependent on charter flights to the two islands because of limited government capacity to invest in additional local infrastructure and services. By 2022, the number of international arrivals had reached over 785,000, which was more than double the number of arrivals in 2010 and represent a twentyfold increase compared to the mid-1990s.  \nThis strategy, coupled with Cabo Verde’s strong institutions and stable political environment, has enabled significant economic and social gains in the last three decades, leading the country to transition to lower-middle-income status in 2007.2 The all-inclusive model spurred job creation and had broader economic impacts locally, generating substantial tourism revenues that were channeled into investments in local infrastructure, services, and the development of human capital.3 Moreover, Cabo Verde has maintained its status as a parliamentary democracy with a histor","cbCaiaR4kpUDh4xV","https://ap.wps.com/l/cbCaiaR4kpUDh4xV","pdf",1126118,4,1,17,"English","en",105,"# Executive Summary\n## Country context and development trajectory\n## Drivers of slowdown and limited value addition\n## Vulnerabilities and need for new pathways","[{\"question\":\"What strengths enabled Cabo Verde’s progress over the past decades?\",\"answer\":\"Structural reforms to attract tourism-related FDI, investments in key islands, strong institutions, and stable political governance supported job creation, infrastructure development, and human capital gains.\"},{\"question\":\"Why has Cabo Verde’s economic growth slowed in the last decade?\",\"answer\":\"Growth declined from the 2000s to the post-2010 period as the model no longer generates the same benefits, driven by limited value addition and reduced, more concentrated FDI.\"},{\"question\":\"What does the document identify as key vulnerabilities for Cabo Verde’s economy?\",\"answer\":\"Overreliance on the sun-and-sea tourism segment increases exposure to external shocks, intensified by climate change effects and shocks such as the COVID-19 pandemic.\"}]","Cabo Verde Country Private Sector Diagnostic - An Archipelago of Opportunity: Pathways to Foster Sustainable Private Sector–Led Growth - Executive Summary | PDF",1784481303,43,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":87,"head_meta":89,"extra_data":91,"updated_unix":29},"cabo-verde-country-private-sector-diagnostic-an-archipelago-of-opportunity-pathways-to-foster-sustainable-private-sectorled-growth-executive-summary","",{"@graph":37,"@context":86},[38,54,69],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":20},"https://docshare.wps.com/document/cabo-verde-country-private-sector-diagnostic-an-archipelago-of-opportunity-pathways-to-foster-sustainable-private-sectorled-growth-executive-summary/109574/",{"url":53,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":42,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"What strengths enabled Cabo Verde’s progress over the past decades?","Question",{"text":76,"@type":77},"Structural reforms to attract tourism-related FDI, investments in key islands, strong institutions, and stable political governance supported job creation, infrastructure development, and human capital gains.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"Why has Cabo Verde’s economic growth slowed in the last decade?",{"text":81,"@type":77},"Growth declined from the 2000s to the post-2010 period as the model no longer generates the same benefits, driven by limited value addition and reduced, more concentrated FDI.",{"name":83,"@type":74,"acceptedAnswer":84},"What does the document identify as key vulnerabilities for Cabo Verde’s economy?",{"text":85,"@type":77},"Overreliance on the sun-and-sea tourism segment increases exposure to external shocks, intensified by climate change effects and shocks such as the COVID-19 pandemic.","https://schema.org",{"og:url":53,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":107,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},5,"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":107,"slug":139},19,"General","general"]