Publication: Sierra Leone Economic Update, June 2018: Reviving Urban Development - The Importance of Freetown for the National Economy
Date
2018-06
ISSN
Published
2018-06
Author(s)
World Bank Group
Abstract
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.
Citation
“World Bank Group. 2018. Sierra Leone Economic Update, June 2018; Sierra Leone Economic Update, June 2018 : Reviving Urban Development - The Importance of Freetown for the National Economy. © World Bank, Freetown. http://openknowledge.worldbank.org/handle/10986/30032 License: CC BY 3.0 IGO.”