The World Bank’s new report stresses that Equatorial Guinea needs to diversify its economy away from oil, invest in human capital, and improve governance to counter economic decline. The country has faced a drastic recession since 2015, requiring policy reforms to secure sustainable growth. Key recommendations include enhancing public financial management and promoting private sector involvement.
The World Bank has emphasized the need for economic diversification away from oil in Equatorial Guinea to address the decline in economic conditions. The recent Country Economic Memorandum report highlights this necessity as the country faces a prolonged recession due to decreasing oil revenues and insufficient diversification efforts. Since 2015, Equatorial Guinea has endured six years of recession and found itself in economic decline once again in 2023, indicating an urgent need for strategic reforms.
In summary, Equatorial Guinea must implement strategic diversification efforts and strengthen human capital to reverse the recent decline and foster sustainable growth. The World Bank’s recommendations highlight crucial areas for improvement, including governance, public financial management, and investment in social services. By adopting these measures, Equatorial Guinea can build a more resilient and inclusive economy for the future.
Original Source: www.miragenews.com
