Publication: Equatorial Guinea Economic Update, 2nd Edition: Designing Fiscal Instruments for Sustainable Forestry
Loading...
Published
2024-10-29
ISSN
Date
2024-10-29
Author(s)
Editor(s)
Abstract
This is the second edition of the Economic Update for Equatorial Guinea. This World Bank report presents recent economic developments in Equatorial Guinea, the medium-term economic outlook and risks as well as structural challenges (Chapter 1), followed by a detailed exploration of a specific topic (Chapter 2). This edition focuses on fiscal instruments for sustainable forestry, examining the current socio-economic context of forest policy in Equatorial Guinea. In particular, it discusses the role and current use of forest-related fiscal instruments, and proposes options and trade-offs in the design of forest related fiscal policy reforms to adequately capture resource rents, promote forest based value-addition and employment, mitigate deforestation and forest degradation. The objectives of the Equatorial Guinea Economic Update are to: (i) strengthen the analytical underpinnings of the policy dialogue; and (ii) contribute to an informed debate on policy options to enhance macroeconomic management and development outcomes.
Link to Data Set
Citation
“World Bank. 2024. Equatorial Guinea Economic Update, 2nd Edition: Designing Fiscal Instruments for Sustainable Forestry. © World Bank. http://hdl.handle.net/10986/42322 License: CC BY-NC 3.0 IGO.”
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Related items
Showing items related by metadata.
Publication Equatorial Guinea Economic Update, 1st Edition(Washington, DC: World Bank, 2023-07-28)This is the first edition of the Economic Update for Equatorial Guinea. This report presents recent economic developments in Equatorial Guinea as well as the medium-term economic outlook and risks (Chapter 1), followed by a detailed exploration of a specific topic (Chapter 2). This edition focuses on fuel subsidies and advises on fuel subsidy reform options and mitigation measures by drawing on lessons from international experience. The objectives of the Equatorial Guinea Economic Update are to: (i) strengthen the analytical underpinnings of the policy dialogue; and (ii) contribute to an informed debate on policy options to enhance macroeconomic management and development outcomes.Publication Equatorial Guinea Economic Update 2025: Managing Equatorial Guinea’s Wealth for Sustainable Growth and Development(Washington, DC: World Bank, 2025-08-26)This is the third edition of the Economic Update for Equatorial Guinea. This World Bank report presents recent economic developments in Equatorial Guinea as well as the medium-term economic outlook and risks as well as structural challenges (Chapter 1), followed by a detailed exploration of a specific topic (Chapter 2). This edition provides policy options to maximize Equatorial Guinea’s forest wealth in order to promote sustainable growth. In particular, it discusses measurements of national wealth and links with indicators such as Gross Domestic Product. It examines Equatorial Guinea’s asset portfolio including physical, human and natural capital and how these could shape development in the country, with a focus on forest ecosystem services accounts. The chapter emphasizes the importance of comprehensive wealth accounting, including forest ecosystem, and provides insights on how to sustainably use and leverage the country’s rich forest assets.Publication Gabon Economic Update(Washington, DC: World Bank, 2024-10-29)The Gabon Economic Update is an annual World Bank publication that presents an overview of the evolving macroeconomic position in Gabon, followed by a detailed exploration of a specific topic in each edition. The first chapter analyzes recent economic developments, key development challenges, as well as the macroeconomic outlook and risks for Gabon’s future growth. It presents policy actions that could help strengthen fiscal and debt sustainability, contain food inflation, promote job creation, and sustain a resilient growth path. The second chapter of this year’s economic update has a special focus dedicated to fiscal policies for the forestry sector. This chapter analyzes how fiscal policy reforms for forestry can contribute to generating more fiscal revenues, creating more jobs, and promoting sustainable production methods. This report is based on data available as of May 2024.Publication Guinea-Bissau Country Economic Memorandum : Terra Ranca! A Fresh Start, Summary(Washington, DC, 2015-01-12)After decades of turmoil and instability, a period of calm and progress evolved in Guinea-Bissau in 2009. A military coup in April 2012 interrupted it. A fresh start is needed to alter the dynamics that kept Guinea-Bissau poor. In 2013, Gross National Income per capita was US$590. Average economic growth barely kept pace with population growth. In 2010, poverty at the national poverty line of US$2 a day was 70 percent; extreme poverty at US$1 a day was 33 percent. These numbers have increased from their 2002 levels and they are estimated to have increased further since 2010. It is time to make a fresh start and turn the page on anemic growth and poverty. Guinea-Bissau s elections of May and June 2014 are described by many observers as the freest and fairest in the country s history. Voter registration and turnout were at record-levels. The conditions for progress and stability are favorable. Guinea-Bissau is a rural economy, almost entirely dependent on a single cash crop: cashew. It is the main source of income for most of the country s poor. Cashew nuts are Guinea-Bissau s main export, accounting for 85 to 90 percent of the country s total exports. The balance of payments is dominated by cashew, on the export side, and food and fuel, among imports. The economy is open, with exports and imports by land and sea amounting to more than 70 percent of GDP. Shocks to cashew, rice and oil prices have a considerable effect on the current account balance. Official Development Assistance (ODA) makes a critical contribution to supporting the state budget. In 2011, Guinea-Bissau ranked 20th among the world s most aid dependent countries. Recently, policy mistakes aggravated an already dire situation. However, the 2014 cashew campaign was been better than the 2013 campaign, and the prospects for a pick-up in growth have improved.Publication Republic of Congo Economic Update, 11th Edition(Washington, DC: World Bank, 2024-08-12)This is the eleventh edition of the Republic of Congo Economic Update. Each edition of this annual report presents an overview of the Republic of Congo’s (ROC) evolving macroeconomic position, followed by a detailed exploration of a specific topic. The first chapter of this year’s update presents recent economic developments and macroeconomic outlook and risks. It also includes policy actions that could help strengthen fiscal and debt sustainability, build resilience to climate shocks, strengthen food security, and lay the foundation for broad-based economic growth. The second chapter, the special topic, explores how Congo might design fiscal instruments for sustainable forestry and economic growth.
Users also downloaded
Showing related downloaded files
Publication Rwanda Economic Update, April 2025(Washington, DC: World Bank, 2025-04-01)Rwanda’s economy remained resilient in 2024, with GDP growth reaching 8.9 percent, driven by strong performances in services, industry, and a rebound in agriculture. Despite strong export growth, the current account deficit widened due to decline in official transfers. This necessitated continued reliance on forex inflows from FDI and external concessional borrowing. Inflation moderated, averaging 4.8 percent in 2024, due to lower food prices and tight monetary policy, allowing the central bank to ease interest rates by reducing the Central Bank Rate (CBR) from 7.5 percent to 6.5 percent in 2024. The fiscal position improved with higher tax collections supporting fiscal consolidation, though public debt is projected to peak at 80 percent of GDP in 2025, despite reduced borrowing needs, before gradually declining, driven by past deficits and exchange rate depreciation. Rwanda’s agriculture sector remains a cornerstone of the economy, employing 43 percent of the workforce and contributing 27 percent to GDP. Despite diversification beyond traditional cash crops like coffee and tea, agricultural productivity remains constrained by land fragmentation, limited mechanization, post-harvest losses, and climate change impacts. While agricultural exports account for 37 percent of total export revenues, trade remains vulnerable to price fluctuations, and regional market integration is underdeveloped. The sector has much more potential to deliver higher growth, better jobs and boost forex earnings. Part 2 of this report focuses on how to unlock this potential. It examines key drivers of agricultural productivity, including input use, irrigation expansion, mechanization, and digital innovation, while evaluating persistent challenges such as limited access to finance, weak extension services, and climate vulnerability. It assesses policy efforts under the Fifth Strategic Plan for Agriculture Transformation (PSTA5), which aims to modernize production, enhance market access, and transition toward a more private sector-driven model. Key recommendations include strengthening seed systems, expanding irrigation, investing in agro-logistics, improving financial access, and implementing regulatory reforms to attract private investment. By addressing these structural bottlenecks and aligning policies with regional and global trade opportunities in the East African Community (EAC) and the African Continental Free Trade Area (AfCFTA), Rwanda can build a resilient, competitive, and sustainable agri-food sector that supports economic transformation and food security.Publication Tobacco Price Elasticity and Tax Progressivity in Moldova(World Bank, Washington, DC, 2018-01)The study estimates the tobacco price elasticity of demand for the population of Moldova, and the price elasticity for 10 income groups is obtained. This appears to be the first tobacco price elasticity estimation for income groups in Moldova. The study undertakes an extended cost-benefit analysis to estimate the distributional effect of a rise in tobacco taxes on income distribution. As inputs, it uses tobacco price elasticity, mortality attributed to tobacco, and the medical costs of tobacco-attributed diseases.Publication Democratic Republic of Congo Urbanization Review(Washington, DC: World Bank, 2018)The Democratic Republic of Congo has the third largest urban population in sub-Saharan Africa (estimated at 43% in 2016) after South Africa and Nigeria. It is expected to grow at a rate of 4.1% per year, which corresponds to an additional 1 million residents moving to cities every year. If this trend continues, the urban population could double in just 15 years. Thus, with a population of 12 million and a growth rate of 5.1% per year, Kinshasa is poised to become the most populous city in Africa by 2030. Such strong urban growth comes with two main challenges – the need to make cities livable and inclusive by meeting the high demand for social services, infrastructure, education, health, and other basic services; and the need to make cities more productive by addressing the lack of concentrated economic activity. The Urbanization Review of the Democratic Republic of Congo argues that the country is urbanizing at different rates and identifies five regions (East, South, Central, West and Congo Basin) that present specific challenges and opportunities. The Urbanization Review proposes policy options based on three sets of instruments, known as the three 'I's – Institutions, Infrastructures and Interventions – to help each region respond to its specific needs while reaping the benefits of economic agglomeration The Democratic Republic of the Congo is at a crossroads. The recent decline in commodity prices could constitute an opportunity for the country to diversify its economy and invest in the manufacturing sector. Now is an opportune time for Congolese decision-makers to invest in cities that can lead the country's structural transformation and facilitate greater integration with African and global markets. Such action would position the country well on the path to emergence.Publication Climate and Development : An Agenda for Action - Emerging Insights from World Bank Group 2021-22 Country Climate and Development Reports(Washington, DC: World Bank, 2022-11-03)Climate change poses a major threat to long-term development objectives, especially poverty reduction, and accelerated emission reductions are needed, particularly in high-income and other high-emitting countries. Reducing emissions can be done without comprising development: taken together, CCDR low-carbon development strategies reduce emissions by 70%, without significant impact on growth, provided that policies are well designed and financing is available. Financing needs average 1.4 percent of GDP, a manageable amount with appropriate private sector involvement. But in lower-income countries, financing needs can exceed 5 percent, which will require more support from high-income countries, including increased concessional resources.Publication Vietnam(World Bank, Hanoi, 2020-05-01)Following from Vietnam’s ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in late 2018 and its effectiveness from January 2019, and the European Parliament’s recent approval of the European Union-Vietnam Free Trade Agreement (EVFTA) and its subsequent planned ratification by the National Assembly in May 2020, Vietnam has further demonstrated its determination to be a modern, competitive, open economy. As the COVID-19 (Coronavirus) crisis has clearly shown, diversified markets and supply chains will be key in the future global context to managing the risk of disruptions in trade and in supply chains due to changing trade relationships, climate change, natural disasters, and disease outbreaks. In those regards, Vietnam is in a stronger position than most countries in the region. The benefits of globalization are increasingly being debated and questioned. However, in the case of Vietnam, the benefits have been clear in terms of high and consistent economic growth and a large reduction in poverty levels. As Vietnam moves to ratify and implement a new generation of free trade agreements (FTAs), such as the CPTPP and EVFTA, it is important to clearly demonstrate, in a transparent manner, the economic gains and distributional impacts (such as sectoral and poverty) from joining these FTAs. In the meantime, it is crucial to highlight the legal gaps that must be addressed to ensure that national laws and regulations are in compliance with Vietnam’s obligations under these FTAs. Readiness to implement this new generation of FTAs at both the national and subnational level is important to ensure that the country maximizes the full economic benefits in terms of trade and investment. This report explores the issues of globalization and the integration of Vietnam into the global economy, particularly through implementation of the EVFTA.