Gambian Economy to Grow Faster Than Forecast in 2009, IMF Says

The Gambian economy will expand this year at a faster pace than previously forecast, aided by strong growth in agriculture, the International Monetary Fund said in a report dated Nov. 5.
Gross domestic product will increase about 4.5 percent to 5 percent in 2009, up from an earlier estimate of about 3.5 percent, according to a statement issued after IMF officials visited the Africa nation from Oct. 23 to Nov. 5. Real GDP growth is projected “to rise slightly” in 2010, based on a partial recovery in tourism and remittances, the IMF also said in the report e-mailed to Bloomberg News.

“Given the uncertainty of weather conditions for agriculture and prevailing weakness in some countries with economic linkages to The Gambia, there are still downside risks to the outlook for 2010,” the fund said.

“The Gambian government still faces a heavy debt burden,” the IMF said, estimating interest on government debt to consume almost 20 percent of government revenue in 2009.

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