ESWATINI POSITIONED FOR ECONOMIC EXPANSION

MBABANE – The World Bank Vice President Regional Vice President for Eastern and Southern Africa Dr Victoria Kwakwa says Eswatini is in the cusp of economic expansion.

Speaking during the Business Eswatini (BE) and the World Bank private sector engagement, held at the Hilton Garden Inn yesterday morning, Dr Kwakwa said by adopting intentional policies that stimulate investments in physical and human capital, with a focus on productivity enhancement; Eswatini can set itself on a path of economic transformation.Dr Kwakwa said upon arriving in the country, she realised that there was a lot of economic activities taking place and the country had a huge potential for growth. She stated that her narrative about the country changed for the better, as she has seen the work done by government and the private sector to grow economy. She said, therefore, collaborative efforts will assist the country reach its growth ambitions.

Knowledge

Dr Kwakwa said as the World Bank, they were going to provide assistance to Eswatini. She said what the global lender had to offer included knowledge, specific investments and technical reforms assistance, among many other things.  Furthermore, the bank shared the findings of the In Search of the Drivers of Inclusive Growth  study which sets out strategies for setting Eswatini on a path towards higher growth, which would in turn unlock jobs and economic opportunities for the unemployed.  The findings of the study highlight the need to encourage productive investments, technology adoption; enhanced skills in the labour force; improved access to finance; enhanced connectivity to access external markets; and upgrading of public sector performance.

The meeting discussed findings from the report and ways in which government and the private sector can generate a virtuous cycle of growth. Priority sectors highlighted for specific focus include digital services, eco-tourism, and agribusiness. The dialogue further explored ways for the World Bank to support and bolster Eswatini’s development. Eswatini remains one of the fastest growing economies in the world; Real GDP rebounded to an estimated 4.8 per cent in 2023 from 0.5 per cent in 2022, driven by an increase in services and exports.

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