Publication: Djibouti Country Economic Memorandum, January 2024 - Djibouti Beyond the Ports and Bases: A Path to Prosperity for All
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Date
2024-02-12
ISSN
Published
2024-02-12
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Abstract
Over the past two decades, Djibouti’s economy has demonstrated remarkable growth, reaching the status of lower middle-income country. However, this remarkable performance was achieved despite the enduring presence of persistent structural challenges, notably the high cost of electricity and telecommunications, and a fragile business environment. In this context, economic growth has predominantly relied on debt-financed public investment and private investments with limited linkages to the broader economy or job creation. Furthermore, the positive impacts of economic growth have not been evenly distributed across all sections of society, raising concerns about inclusive development. Moreover, Djibouti is increasingly vulnerable to climate change. As Djibouti embarks on its second phase of development, it is crucial to ensure that the benefits of growth are felt by all segments of society, particularly women and youth. Addressing these issues is crucial to foster a more conducive environment for businesses and stimulate economic growth. Recognizing these challenges, the Government of Djibouti has recalibrated its development strategy through the “Djibouti 2035 Vision” and the National Development Plan (NDP) for 2020-2024. By effectively addressing these priorities Djibouti can pave the way to a transformative path toward a more dynamic, inclusive, and poverty-reducing future.
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Citation
“World Bank. 2024. Djibouti Country Economic Memorandum, January 2024 - Djibouti Beyond the Ports and Bases: A Path to Prosperity for All. © Washington, DC: World Bank. http://hdl.handle.net/10986/41036 License: CC BY-NC 3.0 IGO.”