Publication:
Sierra Leone Economic Update, June 2019: Financial Inclusion for Economic Growth and Development

Loading...
Thumbnail Image
Files in English
English PDF (2.76 MB)
1,071 downloads
English Text (246.57 KB)
202 downloads
Date
2019-06
ISSN
Published
2019-06
Editor(s)
Abstract
Sierra Leone’s macroeconomic performance continued to improve but at a slower pace. Yet there are significant downside risks to the medium-term economic outlook.
Link to Data Set
Citation
World Bank Group. 2019. Sierra Leone Economic Update, June 2019: Financial Inclusion for Economic Growth and Development. © World Bank. http://hdl.handle.net/10986/32049 License: CC BY 3.0 IGO.
Associated URLs
Associated content
Report Series
Other publications in this report series
Journal
Journal Volume
Journal Issue
Citations

Related items

Showing items related by metadata.

  • Publication
    Sierra Leone Economic Update, June 2018
    (World Bank, Freetown, 2018-06) World Bank Group
    The Sierra Leone Economic Update (SLEU) reports on and analyzes recent economic developments and policies within medium-term, regional, and global contexts and analyzes the implications of these developments and policies for the outlook of the economy. Macroeconomic imbalance worsened in 2017 due to high levels of fiscal deficit and rising debts, inflationary pressure, a fragile banking system, and current account pressures. Stabilizing the macroeconomy is precondition for inclusive growth and poverty reduction. Key macroeconomic and sectoral reforms will need to be implemented to reduce the imbalances and to avert downside risks to economic growth. The special topic of this update report is an urban sector review of Sierra Leone's capital, Freetown, with a focus on the city's potential contribution to inclusive national economic growth. It has been demonstrated that cities are the places where significant economic development happens. The importance of Freetown to Sierra Leone's economy is clear, with the city creating 30 percent of the country's GDP despite having only 15 percent of its population. Rapid urbanization is now Sierra Leone's biggest growth narrative for the 21st century. Freetown has the potential to power economic transformation for Sierra Leone by bringing together large numbers of workers and entrepreneurs, and by serving as a hub for large-scale production in services, agro-processing and retail trade to complement and add value to existing production.
  • Publication
    Pakistan Development Update, June 2019
    (World Bank, Washington, DC, 2019-06) World Bank
    Pakistan is facing yet another balance of payment crisis. Authorities have taken some corrective measures and negotiated a 39-month stabilization program with the International Monetary Fund (IMF). Nonetheless, inflationary pressures increased during FY19. Current account deficit narrowed as imports declined, however, exports performance remained weak. Despite the adjustment measures fiscal pressure persist due to high debt servicing and defense expenditures. Debt level is in breach of Fiscal Responsibility and Debt Limitation Act (FRDLA). The growth is projected to decelerate further in FY20, as the government tightens fiscal and monetary policy. This report highlights the importance of tackling the structural challenges which are hampering growth and investments. The report emphasizes that the failure to address these structural challenges, in parallel to addressing the macroeconomic imbalances, just means that the next crisis is another 4 to 5 years away.
  • Publication
    South East Europe Regular Economic Report, June 2012
    (Washington, DC, 2012-06) World Bank
    After they achieved 2.2 percent growth in 2011, early indications are that the economies of the six countries in South East Europe (the SEE6: Albania, Bosnia and Herzegovina (BIH), Kosovo, FYR Macedonia, Montenegro, and Serbia) are slowing drastically and can expect just 1.1 percent growth in 2012. Economic conditions in the Euro zone are holding back economic activity and depressing government revenues in SEE6 countries. With both public debt and financing pressures high, most countries in the region need to embark on major fiscal consolidation programs if they are to reverse their adverse debt dynamics and avoid financing problems down the road. The good news is that in general the SEE6 financial sectors are still relatively well placed, despite elevated risks and vulnerability to adverse shocks, especially the possibility of contagion if the Greek crisis should intensify. The bad news is social: SEE6 countries have the highest unemployment and poverty rates in Europe. Yet even with the difficult short-term situation, SEE6 countries now have historic opportunity to board the European 'convergence train' and over the long term reduce their per capita income gap with developed European Union (EU) countries. All earlier entrants were able to 'catch up quickly.' In principle, the same 'convergence train' is now pulling into the EU candidate countries in SEE6; but these gains are not automatic, they will materialize only if country policies and reforms facilitate them. The long-term SEE6 structural reform agenda must leverage greater trade and financial integration and reform labor markets and the public sector.
  • Publication
    Pakistan Economic Update, June 2011
    (Washington, DC, 2011-06) World Bank
    For the last three years, Pakistan has been making efforts to revive strong and sustained growth. The economy was badly destabilized by the turmoil in the international commodity and financial markets in 2007-2008 and the lack of adequate domestic policy responses to manage those external shocks. The task of stabilizing the economy and reviving the economic recovery has been made difficult by an adverse security situation and domestic politics that has prevented the government from taking timely required, but difficult, stabilization measures. The devastating floods in July-August last year and the recent increase in international oil and food prices have exacerbated the problem. In addition, Pakistan continues to face significant political challenges in achieving durable development. The domestic security situation as a result of campaign against terrorism is a direct and indirect tax on the costs of economic activity and the achievement of the kinds of social stability required to promote a supportive environment for businesses.
  • Publication
    Kenya Economic Update, December 2010
    (Washington, DC, 2010-12) World Bank
    Kenya may be at a "tipping point," the theme of the third Kenya economic update which has a special focus on the transformative impact of information and communication technology (ICT) and mobile money. Over the last decade, ICT has outperformed all others sectors growing at an average of 20 percent per year. The benefits of ICT are starting to be felt in other sectors, and have contributed to the conditions for Kenya to reach this tipping point. Kenya has entered the new decade with renewed and stronger than expected growth. The passing of the new constitution, continued strong macroeconomic policies, and a favorable regional environment have created a new positive economic momentum. Kenya may again be positioned to experience high growth. Over the last three decades Kenya has experienced only two short episodes when economic growth exceeded five percent and was sustained for at least three consecutive years: 1986-88, and 2004-2007. Is Kenya again at the verge of experiencing another growth spurt? Will it last longer and go deeper than the previous two episodes?

Users also downloaded

Showing related downloaded files

  • Publication
    Opportunity Assessment to Strengthen Collective Land Tenure Rights in FCPF Countries
    (World Bank, Washington, DC, 2021-10) World Bank
    Governments, development institutions, and the private sector are increasingly turning to nature-based solutions to address the world’s climate and biodiversity crisis. Countries, corporations, and investors are increasingly looking to forest- and land-based emission reduction programs (ERPs) to achieve early mitigation gains while they develop longer-term strategies and solutions to cut their greenhouse gas emissions. Central to emerging natural climate solutions are efforts to reduce deforestation and forest degradation while encouraging restoration, conservation, and sustainable use of forests in developing countries. The Forest Carbon Partnership Facility (FCPF), which became operational in June 2008, is a global partnership focused on reducing emissions from deforestation and forest degradation, forest carbon stock conservation, the sustainable management of forests and enhancement of forest carbon stocks (REDD+). Communal land and forest tenure rights for Indigenous Peoples and local communities (IPLCs) is critical for the success of emission reduction program (ERP) implementation. The remainder of this report is structured as follows. Section 2 provides an overview of the analytical and methodological approach of the study. Section 3 discusses core findings about the nature and range of emergent opportunities associated with efforts to advance, strengthen, and leverage rights and presents the main opportunities in six selected countries. Section 4 discusses lessons learned and cross-cutting areas for further development of rights recognition as a global process. Section 5 provides a summary of the country profiles.
  • Publication
    Environmental Flows in Water Resources Policies, Plans, and Projects : Findings and Recommendations
    (World Bank, 2009) Hirji, Rafik; Davis, Richard
    The overall goal of the analysis presented in this report is to advance the understanding and integration in operational terms of environmental water allocation into integrated water resources management. The specific objectives of this report are the following: 1) document the changing understanding of environmental flows, by both water resources practitioners and by environmental experts within the Bank and in borrowing countries; 2) draw lessons from experience in implementing environmental flows by the Bank, other international development organizations with experience in this area, and a small number of developed and developing countries; 3) develop an analytical framework to support more effective integration of environmental flow considerations for informing and guiding: (a) the planning, design, and operations decision making of water resources infrastructure projects; (b) the legal, policy, institutional, and capacity development related to environmental flows; and (c) restoration programs; and 4) provide recommendations for improvements in technical guidance to better incorporate environmental flow considerations into the preparation and implementation of lending operations.
  • Publication
    Macroeconomic and Fiscal Implications of Population Aging in Bulgaria
    (World Bank, Washington, DC, 2014-02) Pestieau, Pierre; Onder, Harun; Ley, Eduardo
    Bulgaria is in the midst of a serious demographic transition that will shrink its population at one of the highest rates in the world within the next few decades. This study analyzes the macroeconomic and fiscal implications of this demographic transition by using a long-term model, which integrates the demographic projections with social security, fiscal and real economy dimensions in a consistent manner. The simulations suggest that, even under fairly optimistic assumptions, Bulgaria's demographic transition will exert significant fiscal pressures and depress the economic growth in the medium and long term. However, the results also demonstrate that the Government of Bulgaria can play a significant role in mitigating some of these effects. Policies that induce higher labor force participation, promote productivity and technological improvement, and provide better education outcomes are found to counteract the negative consequences of the demographic shift.
  • Publication
    World Development Indicators 2010
    (World Bank, 2010-04-01) World Bank
    The 1998 edition of world development indicators initiated a series of annual reports on progress toward the International development goals. In the foreword then, World Bank President James D. Wolfensohn recognized that 'by reporting regularly and systematically on progress toward the targets the international community has set for itself, the author will focus attention on the task ahead and make those responsible for advancing the development agenda accountable for results.' The same vision inspired world leaders to commit themselves to the millennium development goals. On this, the 10th anniversary of the millennium declaration, world development indicators 2010 focuses on progress toward the millennium development goals and the challenges of meeting them.
  • Publication
    Stolen Asset Recovery : A Good Practices Guide for Non-conviction Based Asset Forfeiture
    (World Bank, 2009) Greenberg, Theodore S.; Samuel, Linda M.; Grant, Wingate; Gray, Larissa
    The guide is organized into three major parts: Part A first provides an overview of the problem of stolen assets and the problem of recovering the assets once they are transferred abroad. Second, it describes how the international community has taken steps to respond to the problem through United Nations Convention against Corruption (UNCAC) and the Stolen Asset Recovery (StAR) Initiative. UNCAC introduced a new framework to facilitate the tracing, freezing, seizing, forfeiture, and return of assets stolen through corrupt practices and hidden in foreign jurisdictions. The StAR Initiative developed an action plan to support the domestication and implementation of asset recovery provisions under UNCAC, to facilitate countries' efforts to recover stolen assets that have been hidden in foreign jurisdictions, and ultimately, to help deter such flows and eliminate safe havens for hiding corruption proceeds. Third and finally, Part A introduces non-conviction based (NCB) asset forfeiture as one of the critical tools to combat corruption, describing the situations when it is useful, how it differs from criminal forfeiture, its usefulness in civil and common law jurisdictions, and the support it has gained internationally. Part B contains the 36 key concepts. The concepts have been grouped together by topic area, including prime imperatives, definitions of assets and offenses subject to NCB asset forfeiture, measures for investigation and preservation of assets, procedural and evidentiary concepts, determining parties and ensuring proper notice, judgment proceedings, organizational considerations and asset management, and international cooperation and asset recovery. The concepts are illustrated through examples from cases and excerpts from different jurisdictions' NCB asset forfeiture legislation. Part C contains a number of special contributions written by individual practitioners. The contributions focus on the general practice of NCB asset forfeiture and international cooperation in specific jurisdictions, namely Colombia, Guernsey, Ireland, Kuwait, Switzerland, Thailand, and the United Kingdom. In addition, some contributions illustrate a selection of NCB asset forfeiture practices, such as asset management, delegating certain roles to the executive branch, and pursuing forfeiture based on illicit enrichment.