Gabon: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Gabon
IMF Staff Country Reports, May 31, 2024
Source details
- Canonical URL
- Gabon: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Gabon
Other formats
Bibliographic details
- Published: May 31, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400277801.002
Overview
- The 2024 Article IV Consultation evaluates Gabon’s post-pandemic recovery and recent shocks.
- The economy hit a soft patch in 2023 following logistics disruptions, political uncertainty, and high fuel prices for businesses.
- The economy is set to resume its potential growth of around 3 percent this year as shocks dissipate.
- Transition authorities face a historic opportunity to pivot toward a more transparent and inclusive model of governance, but overcoming decades of entrenched institutional practice will require sustained reform efforts to achieve a point of no return.
Economic outlook and shocks
- 2023: soft patch in activity due to logistics disruptions, political uncertainty, and high fuel prices for businesses.
- Current year projection: resume potential growth of around 3 percent as shocks dissipate.
Main challenges identified
- Ensuring transparency in the management of public resources.
- Putting the fiscal position on a sustainable footing.
- Raising potential growth and making growth more inclusive.
- Addressing transparency and governance gaps to understand the fiscal position, efficiently manage public resources, and support the business climate.
Fiscal risks and policy recommendations
- Fiscal imbalances need to be urgently addressed to:
- Reduce liquidity risks.
- Avoid unsustainable debt dynamics.
- Support the external objectives of the currency union.
- Emphasis on sustained reform efforts to change entrenched institutional practices.
Governance and transparency
- Addressing transparency and governance gaps is critical for:
- Understanding the fiscal position.
- Efficiently managing public resources.
- Supporting the business climate.
- Transition authorities have an opportunity to pivot toward a more transparent and inclusive governance model, contingent on sustained reforms.
Content in this bundle
- Fiscal Policies in 2024