Publication: Gabon Country Economic Memorandum: Toward More Inclusive and Greener Growth
Date
2022-05
ISSN
Published
2022-05
Author(s)
World Bank
Abstract
Over-reliance on natural resources
has held back diversification of Gabon’s economy, as growth,
exports, and fiscal revenues are still largely dependent on
extractives. Despite Gabon’s abundant natural resources,
growth has been slow to reduce poverty. In the context of
dual shocks from low oil prices and the COVID-19 pandemic in
2020, government authorities committed to fiscal
consolidation, structural reforms, and economic
diversification as part of the Accelerated Transformation
Plan (PAT). In addition, at their exceptional summit in
August 2021, the Economic and Monetary Community of Central
Africa (CEMAC) heads of state provided a strong political
endorsement for structural reforms, with emphasis on
improved management of public funds and governance, business
environment reforms, and regional integration of human
capital. This Country Economic Memorandum (CEM) is framed
along the new reforms supported by the CEMAC heads of state
to achieve faster, more inclusive, and sustainable growth.
In this CEM, the green economy is viewed as an opportunity
for Gabon to position itself as a champion. Economic
transformation is necessary to find a better, sustainable
model for job creation: reinforcing labor supply through
better skills and job-search training, and creating economic
opportunities in a more conducive environment for investment
and trade. This CEM aims at supporting policy makers in
their reform efforts. Their goal is to help Gabon, a small
economy of 2.3 million people, break free from its
resource-dependent growth model and create the conditions to
move people into jobs in promising green sectors.
Citation
“World Bank. 2022. Gabon Country Economic Memorandum: Toward More Inclusive and Greener Growth. © Washington, DC: World Bank. http://hdl.handle.net/10986/38369 License: CC BY 3.0 IGO.”