Cape Verde PM Predicts 5.7% Growth

Cape Verde’s Prime Minister, Ulisses Correia e Silva, expects a 5.7% economic rise in 2023. He announced this at a U.S. business forum.

For 2024, he predicts a 4.7% increase. He added that last year’s high inflation rate of 8% will drop to 2.8% in 2024.

Correia e Silva highlights the small size of the domestic market. However, he believes tourism can boost it.

Strategic investments are also key to market growth. These moves aim to attract global funding.

In 2022, overseas remittances reached $375 million. This equals 18% of the GDP. Direct investments from the diaspora also hit $45 million.

The Prime Minister commits to raising these contributions.

The forum took place at New York’s Harvard Business Club. It was part of a UN General Assembly visit from September 15 to 23.

Past forums occurred in July 2019 on Sal Island and in Boston. Another happened at Dubai’s Expo 2020 and returned to Sal Island in June 2022.

Background Cape Verde

Cape Verde sets high economic goals, signaling a robust growth strategy. The focus is on attracting foreign funds, especially due to a limited local market.

Also, tourism could amplify economic gains. Foreign remittances are vital, making up a large portion of the GDP.

Such money flows indicate an engaged diaspora, keen to invest back home. Therefore, the rise in direct investments is promising.

Hosting the event at the Harvard Business Club was a smart move. It aims to attract premium investors.

Moreover, the event’s timing with the UN assembly shows clever use of diplomatic platforms.

The expected reduction in inflation is encouraging. It shows the government aims to pair growth with stability.

Finally, regular hosting of such forums reveals an ongoing dialogue with investors and expats. This consistent interaction positions Cape Verde well for upcoming years.