The stable economic fundamentals Gambia has been enjoying are driven mainly by tourism, agriculture, construction and telecommunication, with strong support from foreign direct investments.
“The Gambia continues to face key growth and competitiveness challenges in spite of the encouraging stable macroeconomic gains in real GDP growth of 6.2 per cent since 2003,” Musa Bala Gaye, Minister for Finance and Economic Affairs, said at a workshop in Banjul on the economy.
He said that the re-export trade, which was fuelled by liberal trade policies and relative good port infrastructure at Banjul, was now threatened by obstacles to transit trade and declining regional competitiveness.
“The country, like many in the world, is threatened by the global economic crisis. As we do not exist in isolation, this is bound to affect key sectors in all major economic activities – economy; tourism, agriculture, foreign direct investment and commodities,” Mr Gaye said.