Gambia Economic Update - Spring 2024 - Jumpstarting Inclusive and Sustained Growth

Jul 19, 2026

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Report presents the World Bank’s Spring 2024 economic update for The Gambia, focusing on recent macroeconomic performance, external and fiscal vulnerabilities, and monetary tightening amid inflation pressures. It outlines a medium-term outlook supported by macro-fiscal stability commitments and RF-NDP 2023–2027 implementation, while identifying key risks and opportunities. A spotlight analyzes development constraints behind low, volatile and insufficiently inclusive growth, emphasizing structural transformation, labor market underutilization, and policy options to expand higher and more inclusive growth.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages72

Reading Time3 h 1 min

AccessFree to download

Abbreviations and Acronyms

Acknowledgments

Executive Summary

Chapter 1: The State of the Economy

1.1. Recent developments

1.2. Outlook, risk and opportunities

Chapter 2: Spotlight on The Gambia’s Development Agenda: Jumpstarting Inclusive and Sustained Growth

2.1. The Gambia’s economy has been caught in a low and volatile growth trap

2.2. Weak foundation for structural transformation

2.3. Economic growth has not been inclusive despite progress

2.4. Other structural constraints have impaired The Gambia’s growth dynamics

2.5. Policy options for laying the foundation for higher and more inclusive growth

References

1 Pub lic Disclosure Authorized Pub lic Disclosure Authorized Pub lic Disclosure Authorized Pub lic Disclosure Authorized GAMBIA | ECONOMIC UPDATE-SPRING 2024 Jumpstarting Inclusive and Sustained Growth © 2024 The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; [Internet: www.worldbank.org](Internet: www.worldbank.org) Some rights reserved This work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the Executive Directors ofThe World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Attribution—Please cite the work as follows: “World Bank. 2024. Jumpstarting Inclusive and Sustained Growth. The Gambia Economic Update. © World Bank.” All queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; [e-mail: pubrights@worldbank.org](e-mail: pubrights@worldbank.org). JUMPSTARTING INCLUSIVE AND SUSTAINED GROWTH Table of Contents Abbreviations and Acronyms iv Acknowledgments vi Executive Summary vii Chapter 1: The State of the Economy 1 1.1. Recent developments 2 Global and regional growth has been sluggish amid continued tightening of monetary policies and financing conditions 2 Economic activity increased in The Gambia despite global economic headwinds 2 Vulnerabilities persist in the external sector, but the current-account deficit has been relatively stable 5 Monetary policy has been tightening to address mounting inflationary pressures 10 The fiscal deficit decreased while remaining high, and the country continues to face fiscal vulnerabilities and high public debt 14 1.2. Outlook, risk and opportunities 18 The medium-term outlook is positive with a solid recovery driven by a commitment for macro-fiscal stability and the implementation of RF-NDP 2023–2027 and rebound in all sectors 18 Rising regional and domestic risks cloud to the outlook 21 Chapter 2: Spotlight on The Gambia’s Development Agenda: Jumpstarting Inclusive and Sustained Growth 25 2.1. The Gambia’s economy has been caught in a low and volatile growth trap 26 2.2. Weak foundation for structural transformation 28 2.3. Economic growth has not been inclusive despite progress 37 Poverty and inequality remain high despite recent resilient growth 37 The incidence of growth reveals significant declines in per capita consumption growth 37 Social disparities prevail in access to essential services 39 The Gambia’s labor market suffers from significant underutilization, low labor force participation, and high informal employment, with large gender disparities 40 2.4. Other structural constraints have impaired The Gambia’s growth dynamics 42 Low revenue collection hampers the provision of public goods and fiscal and debt sustainability 44 Poor and inadequate infrastructure is a major barrier to private sector-led growth 45 2.5. Policy options for laying the foundation for higher and more inclusive growth 49 References 54 TABLE OF CONTENTS i GAMBIA | ECONOMIC UPDATE-SPRING 2024 Table of Boxes Box 2.1. Ongoing projects contributing to narrowing the infrastructure gap 47 Box 2.2. Some key features of the business environment in The Gambia 48 List of Figures

FAQs

Why does the report argue growth has not been inclusive in The Gambia?

It emphasizes that poverty and inequality remain high, with evidence that growth has not translated into broad per-capita consumption gains. It also points to social disparities in access to essential services and labor market underutilization with high informality and gender disparities.

Jul 19, 2026

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