Meshack Tunee Tjirongo, the resident representative of International Monetary Fund (IMF), has praised the Gambia for the West African country’s recent economic performance, saying “despite challenging” conditions, the country’s “real gross domestic product has grown.”
In a press statement during IMF’s staff discussion with Gambian authorities on the economic development and policies within the context of Article IV of the IMF’s article of agreement, Tjirongo said Gambia’s economy grew by an average of 6.0 per cent yearly during 2007 to 2009, up from an average of 3.6 per cent during 2004 to 2006.
“Even during the global economic crisis in 2009, real GDP growth was strong at 5.6 per cent, led by a continued rebound in agricultural production, which helped cushion the impact of sharp drops in tourism and remittances from Gambians working abroad,” IMF said.
“Throughout this period, inflation was held to low single-digit rates, as the Central Bank of The Gambia generally exercised monetary restraint. In 2009, inflation fell to 2.8 per cent. Inflation edged up marginally in early 2010 (4.1 per cent in May) but is expected to remain low (about 5 per cent) for the year as a whole,” the IMF statement added.