Cabo Verde Must Invest in the Blue Economy for Growth and Sustainability
Cabo Verde has shown resilience in the post-COVID-19 pandemic recovery, but the crisis highlighted vulnerabilities such as dependence on tourism and risks from underperforming State-Owned Enterprises (SOEs). Climate change is exacerbating these weaknesses.
In its report, Cabo Verde Economic Update 2024, the World Bank analyzes the state of the Cape Verdean economy in 2023, projects scenarios for 2024, and presents policy options to accelerate fiscal consolidation, reduce debt vulnerabilities, and foster the sustainable growth of the blue economy.
- In 2023, economic growth decelerated to 5.1%.
- Tourism returned to pre-pandemic levels.
- Inflation fell to 3%.
The crisis highlighted vulnerabilities such as dependence on tourism and risks from underperforming State-Owned Enterprises (SOEs).
Author's summary: Cabo Verde needs blue economy investment.
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