Industrial production improved in November 2024, driven by an increased production of key export and manufactured products. While staying in expansionary territory, Vietnam's PMI inched down slightly from 51.2 in October to 50.8 in November as the growth of new orders softened. Exports and...

Libya's economic outlook relies heavily on the oil and gas sector, which constitutes a significant portion of its GDP, government revenue, and exports. With oil production expected to average 1.1 mbpd in 2024, GDP is anticipated to shrink by 2.7 percent this year. As oil output recovers in 2025...

China's gross domestic product (GDP) growth has moderated since the second quarter of 2024, owing to subdued domestic demand. The government has responded to the domestic demand slowdown with incremental policy stimulus, balancing short-term growth support with longer term de-risking objectives....

Economic conditions have deteriorated further in the past six months, with recent devastating floods adding to ongoing challenges associated with armed conflict and macroeconomic volatility. In conjunction with heavy monsoon rains, Typhoon Yagi, which struck Myanmar in early September, triggered...

This report identifies circular economy (CE) opportunities in the tourism sector in Cabo Verde, The Gambia, and Säo Tomé & Principe. The project aims to enhance circularity by advocating for policy changes, phasing out single-use plastics (SUP), and fostering innovative infrastructure and...

This report identifies circular economy (CE) opportunities in the tourism sector in Cabo Verde, The Gambia, and Säo Tomé & Principe. The project focuses on enhancing circularity by advocating for policy changes, phasing out single-use plastics (SUP), and promoting innovative infrastructure and...

Cabo Verde's climate exposure, partly also because of its geography, is compounded by economic vulnerabilities. The country has experienced robust economic growth since the early 1990s and achieved a substantial reduction in poverty, but growth has been volatile and has slowed in recent years....

In Säo Tomé and Principe, tourism is seen as a crucial sector for driving economic growth. Sustainable tourism is prominently featured in various diagnostic reports and national strategies concerning Säo Tomé and Principe. The World Bank's Systematic Country Diagnostic underscores the...

The Country Opinion Survey in Laos People's Democratic Republic (PDR) assists the World Bank Group (WBG) in better understanding how stakeholders in Laos PDR perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral and bilateral agencies,...

The Country Opinion Survey in Burundi assists the World Bank Group (WBG) in better understanding how stakeholders in Burundi perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private sector,...

The Country Opinion Survey in Seychelles assists the World Bank Group (WBG) in better understanding how stakeholders in Seychelles perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral and bilateral agencies, media, academia, the private...

The Country Opinion Survey in Belize assists the World Bank Group (WBG) in better understanding how stakeholders in Belize perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private sector, and...

The Country Opinion Survey in Croatia assists the World Bank Group (WBG) in better understanding how stakeholders in Croatia perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private sector,...

Prudent macroeconomic policies have supported India's economic resilience, with growth expected to recover from a recent softening and inflation expected to converge to target. Risks to the outlook include deepening geoeconomic fragmentation and a slower pace of domestic demand recovery

Solomon Islands has weathered the shocks of civil unrest, pandemic, and commodity price hikes, and achieved the milestones of hosting the Pacific Games in late 2023 and conducting peaceful general elections in April 2024. These achievements have raised the country's profile and strengthened...

Growth normalization after the 2022 FIFA World Cup continued with signs of activities strengthening more recently. Fiscal and external surpluses softened mainly due to lower hydrocarbon prices. Banks are healthy but pockets of vulnerabilities remain. Reform momentum has strengthened, guided by...

Thailand's cyclical recovery is underway, though it has yet to become broad-based. Growth is projected to accelerate moderately, reaching 2.7 percent in 2024 and 2.9 percent in 2025, supported by the rebound of tourism-related activities and fiscal stimulus. The slow recovery, weaker than in...

Cabo Verde's recent strong economic growth is driven by tourism, exports, private consumption, and remittances, but hampered by slow government investment. The government has maintained macro-financial stability but faces risks from global uncertainties, supply chain issues, and commodity price...

The Korean economy has remained resilient against multiple shocks. Economic growth has recovered, inflation has steadily declined, and financial stability risks have decreased. However, downside risks have increased amid high uncertainty from policy shifts in major trading partners and recent...

The Nicaraguan economy is experiencing robust growth. Real GDP growth accelerated to around 4½ percent in 2023 and the first half of 2024, from about 3.8 percent in 2022, on the back of robust domestic demand, while inflation is moderating. Prudent macroeconomic policies and record-high...

The economy is broadly balanced but modest potential growth has constrained increases in living standards and makes it difficult to address fiscal and social needs. Policy priorities are therefore mainly of structural nature. They include boosting productivity and employment as well as...

Through end-June 2024, Grenada's economy was experiencing sustained strong growth supported by buoyant tourism, moderating inflation, and a narrowing current account deficit. A surge in Citizenship-by-Investment (CBI) revenue supported a strong improvement in budget balances, a build-up of...

The Czech Republic is evolving from a heavily manufacturing-based, export-oriented hub to a more mature and diversified economy. Non-auto manufacturing, energy, and construction, once important Czech engines of growth, have run out of steam, hampered by decelerating productivity growth, higher...

Economic activity has slowed reflecting falling natural gas production, lower public investment execution, financial volatility, and disruptions due to socio-political tensions. Bolivia's inflation rate remains one of the lowest in the region, sustained by price controls and costly subsidies....

The Samoan economy has bounced back strongly over the last two years, supported by a recovery in tourism. Fiscal surpluses, in part due to high grant flows, have helped the country emerge from the pandemic with enhanced buffers. At the same time, several longstanding and emerging...

After reaching 5.1 percent in 2023, growth is expected to slow to 3.9 percent in 2024, while inflation would decline to 8.2 percent. The banking sector remains resilient amid continued rapid consumer credit growth. A moderate current account deficit is expected this year. The outlook is subject...

A new Government of National Unity (GNU) has been in place since June 2024, which the markets have welcomed. The GNU faces difficult challenges: declining GDP per capita, high unemployment, poverty and inequality, and rising public debt and debt service, which crowd out other urgent spending...

The Board approved Ethiopia's request for a four-year arrangement under the Extended Credit Facility (ECF arrangement) in July 2024 to support the authorities' Homegrown Economic Reform Agenda. The Fund-supported program addresses macroeconomic imbalances, aiming to restore external debt...

Niger remains trapped in high levels of fragility and conflict, which are exacerbated by climate shocks. This year, flooding combined with heavy rain affected more than 1.5 million people. The socio-political environment remains challenging. Political instability and sanctions following the...

Cambodia's economy is at a crossroads. While the economic recovery continues, its pace remains uneven. The sharp slowdown in credit growth has exposed the economy to increased financial sector vulnerabilities. Policy formulation must ensure a durable and inclusive recovery in the near term and...

Albania is on track to be one of the fastest growing economies in Europe in 2024, underpinned by tourism and prudent macroeconomic policies. Despite this strong performance, GDP per capita stands at just around a quarter of the EU-15 level. The economy is also facing structural headwinds,...

Recent developments. Haiti is facing exceptionally challenging circumstances. The deteriorating security environment, which reached crisis proportions in the first few months of 2024, has continued to worsen, disrupting supply chains (particularly energy and basic services) and feeding...

Malta has experienced strong growth over the past decade, primarily driven by export-oriented service industries, such as tourism and online gaming. Although growth is expected to moderate, it will remain among Europe's highest in the near term, along with tight labor markets. Inflation has...

Hong Kong SAR's economy is on a path of gradual but uneven recovery following a protracted period of shocks. While the unemployment rate has declined to historical lows, employment loss has been sizable and domestic demand has remained weak amid tight financial conditions and property market...