Source: The World Bank Group |

Somalia’s Economy Resilient Amid Climatic and Global Shocks: Water Management Key to Sustainable and Resilient Development

The severe drought, coupled with global commodity price surges, intensified inflation, hampering household consumption

Recurrent shocks, including a prolonged 2020/23 drought, disrupted Somalia's growth, devastating crops, livestock, and exports. Many fled their homes in search of food and water. The severe drought, coupled with global commodity price surges, intensified inflation, hampering household consumption. Consequently, GDP growth slowed to 2.4% in 2022 from 3.3% the…

Source: The World Bank Group |

Empowering Nigerian Women for Sustainable Business and Environmental Impact

The empowerment and knowledge gained through initiatives like the NFWP can pave the way for sustainable businesses, improved livelihoods, and a more environmentally conscious society

Nigeria ranks second worldwide, trailing only China and India, in terms of the percentage of its population lacking access to clean cooking solutions. As a result, most Nigerians have resorted to using firewood for cooking, heating and various domestic chores as a coping mechanism for the nation’s challenging economic conditions.…

Source: The World Bank Group |

Raising South Africa's Economic Prospects by Curbing Crime

The research is intended to support the government in the design and implementation of policies to combat and mitigate the costs of crime on the economy and society

The impact of crime on South Africa’s economic prospects is high and broad-based, according to a World Bank report released today. The report aims to contribute to a better understanding of the impact of crime on South Africa’s economic growth. The research is intended to support the government in the…

Source: The World Bank Group |

World Bank Foresees $12 Billion in Support for Kenya Over the Next Three Years

Over the three fiscal years (FY24-FY26), IDA/IBRD expect to provide an estimated $4.5 billion including fast-disbursing operations

The World Bank has been one of Kenya’s strongest partners and the largest provider of development finance. Kenya is now accessing about $2 billion in concessional financing each year.  IDA and IBRD commitments together now stand at $8.3 billion, with $4.4 billion available to disburse.  IFC’s investment portfolio is $1.2…

Source: The World Bank Group |

Morocco’s Economy Has Become More Resilient

But Shared Prosperity Can Improve by Including More Women in the Labor Market

After a sharp deceleration in 2022 caused by various overlapping commodity and climate shocks, economic growth is set to increase to 2.8 % in 2023, driven by a partial recovery of agricultural output, services, and net exports, according to the World Bank's latest report, "From resilience to shared prosperity". This recovery…

Source: The World Bank Group |

Strengthening the Sustainability & Climate Resilience of Algeria’s Forests

They face challenges such as forest fires, overgrazing, agricultural expansion, and climate change that contribute to deforestation and degradation over time

The World Bank and the Algerian government, through the General Directorate of Forests and the National Delegation for Major Risks, have collaborated together to produce a first joint report entitled "Note on Algerian Forest: Sustainable Forest Management to Combat Forest Fires". The report covers critical issues for forest management in…

Source: The World Bank Group |

Tunisia's Economic Recovery Slows Down amid the Drought

Tunisia’s GDP growth for 2023 was forecast to be around 1.2 percent, a modest recovery when compared to counterparts in the region and half the growth rate of 2022

Tunisia’s economic recovery slowed in the first half of 2023 as the country continued to grapple with persistent drought, external financing challenges, increasing domestic debt build-up of important public service enterprises and regulatory obstacles, according to the World Bank’s Fall 2023 Economic Monitor of Tunisia.   Despite some encouraging developments, including…

Source: The World Bank Group |

Tough Macroeconomic Policies Needed to Stabilize Sierra Leone's Economy

Headline inflation could moderate gradually to 14% and the fiscal deficit decline to 3.9% of GDP by 2025, according to the new World Bank Sierra Leone Economic Update

Sierra Leone’s economy is projected to grow at 3.7% on average during 2023–25, below its long-term trend. This scenario is predicated on sound domestic policies, including a tight monetary stance to combat inflation, and an equally conservative fiscal policy to decrease debt pressures and rebuild fiscal space. Headline inflation could…

Source: The World Bank Group |

Continuing the Diversification Effort: World Bank Report Highlights Importance of Strengthening Algeria’s Economic Resilience, Amidst Heightening Global Uncertainty

The economic recovery continues despite the decline in oil and gas export prices, the World Bank’s latest Algeria Economic Update reports

According to the World Bank's latest Algeria Economic Update, Algeria's economy has reached its pre-pandemic level in 2022, the recovery extending to the first half of 2023. Algeria's growth is expected to retrieve its pre-pandemic trajectory by 2024, notably supported by the hydrocarbon and agricultural sectors. Higher investment, including in large…

Source: The World Bank Group |

The Republic of Congo can turn the climate crisis into an opportunity to end poverty and boost shared prosperity

Climate change threatens the country’s development gains and poses significant risks to its natural, physical and human capital, therefore to its development objectives

New report highlights that the Republic of Congo could reduce poverty in rural areas by 40% and in urban areas by 20% by 2050 by implementing more ambitious reforms to promote economic diversification and climate resilience. The new Country Climate and Development Report (CCDR) also concludes that business as usual is not…