Publication: Republic of Guinea Overcoming Growth Stagnation to Reduce Poverty: Systematic Country Diagnostic
Date
2018-03-16
ISSN
Published
2018-03-16
Author(s)
World Bank Group
Abstract
Guinea is a country with a rich
historical legacy, abundant natural resources, a privileged
geographical location - and a rapidly growing population. A
successful political transition and the emergence of a
vibrant civil society have helped to ensure ethnic peace and
the absence of civil wars in the middle of a rather
conflict-ridden region. The country faces severe challenges
in translating its assets and opportunities into higher
incomes for its citizenry. Economic growth has been too weak
and volatile to contribute to poverty reduction on a
sustained basis. This systematic country diagnostic (SCD)
posits that two critical factors have affected Guinea’s
development path since its independence in 1958. First, the
country endured two long-lived authoritarian regimes and
political instability before the inception of democracy in
2010. Such a legacy of attendant poor economic governance
led to mismanagement of natural resources, institutional
fragmentation of the government, a weak social contract and
rule of law, and low and ineffective public investment.
Second, the structure of the economy remains dependent on
the primary sectors - agriculture and mining - lacking
diversification in its sources of growth.
Citation
“World Bank Group. 2018. Republic of Guinea Overcoming Growth Stagnation to Reduce Poverty; Republic of Guinea Overcoming Growth Stagnation to Reduce Poverty : Systematic Country Diagnostic. © World Bank, Washington, DC. http://openknowledge.worldbank.org/handle/10986/29598 License: CC BY 3.0 IGO.”