Benin Country Economic Memorandum 2.0 (Vol. 4) : Increasing Diversification and Integration for Economic Transformation - Chapter 4
A small open economy, Benin has seen growth that is above average for the region. The volatility of high growth spells combined with low productivity growth has translated into limited gains in income per capita. Following its transition from low-i...
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| Format: | Report |
| Language: | English |
| Published: |
Washington, DC
2022
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| Online Access: | http://documents.worldbank.org/curated/en/156231646079813834/Increasing-Diversification-and-Integration-for-Economic-Transformation-Chapter-4 http://hdl.handle.net/10986/37176 |
| Summary: | A small open economy, Benin has seen
growth that is above average for the region. The volatility
of high growth spells combined with low productivity growth
has translated into limited gains in income per capita.
Following its transition from low-income country to lower
middle income country status in 2020 Benin is at the start
of a new growth path. Its challenge is to boost the structural
transformation of its economy driven by new growth drivers
capable of sustaining an economic acceleration, lifting
labor productivity and creating quality jobs for its young
labor force, including women. While Benin’s economy has been
spared by the worse of the Coronavirus disease 2019 (COVID
19) crisis, the shock has reinforced the need to focus on
structural reforms that address long term challenges and
ensure that economic recovery is sustainable and inclusive.
The key conclusions that underpin this report, following the
country economic memorandum (CEM) 2.0 framework suggest that
investing further in human capital and closing gender gaps,
particularly to accelerate the decline in fertility rates,
and integrate women and youth into a higher quality labor
market, should be central. Deepening market integration,
connecting people and creating agglomeration economies
through transport infrastructure and services should
catalyze additional opportunities, taking advantage of
Benin’s geographical position. |
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