MBABANE:Ikechi Okorie, the World Bank Eswatini Resident Representative has applauded the Kingdom for demonstrating resilience and potential for economic transformation despite the global economic uncertainty.
The World Bank Resident Representative was speaking on Thursday at the United Nations(UN) House in Mbabane and this, was during the official launch of the Eswatini Economic Update report that highlighted the country’s potential for digital transformation.
“As many of you know, Eswatini is navigating a very complex economic landscape-one shaped by global uncertainty that continues to evolve, climate shocks, and domestic structural challenges. Yet, despite these headwinds, the country has demonstrated resilience and potential for transformation. Let me begin by sharing a few highlights from the report. In 2024 the economy grew by an estimated 3.2 percent (slightly down from 3.4 percent in 2023). This growth was driven by manufacturing, agriculture, and mining. It was underpinned by a surge in SACU revenue, which improved the fiscal balance and financed public and private consumption,” he said.
Okorie noted that, the medium-term economic growth outlook remains positive in the future but, not without risks.
“In our view, growth is expected to rise gradually but remains vulnerable to external shocks.The current account and fiscal deficits are expected to widen in the coming years, reflecting higher public investment and lower SACU revenues. Over the past few days, Minister Neal has already alerted the country on the need to imagine an Eswatini without SACU receipts and the need for policy makers to begin planning for a possible transition. Part of this transition planning would require unlocking higher and more inclusive growth through implementing structural reforms and targeted investments. One of the most promising pathways for doing so is through digital transformation,” he said.
The World Bank Resident Representative further highlighted that, digital technology “holds an immense” potential for Eswatini.
“We know that bridging the digital divide is not just about connectivity. It is also about opportunity. Digital technologies can unlock and create new markets. Through digitalization, government services can reach the most underserved areas and citizens not only ensuring inclusiveness but also facilitating improvements in service delivery and bridging the trust deficit between the people and the government”, he said.
World Bank Resident Representative Ikechi Okorie applauds eSwatini for demonstrating potential for transformation, says digital technology unlocks new markets to enhance economic development(pic:supplied).