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CENTRAL AFRICAN REPUBLIC: Economic Update

CENTRAL AFRICAN REPUBLIC: Economic Update A comprehensive strategy, backed by concrete reforms, could unlock the potential of agriculture to improve living conditions.The Central African Republic can lift millions of people out of poverty by transforming its vital agriculture sector as a key driver of economic growth, says the World Bank in its latest Economic Update report on the country.About 75% of Central Africans, particularly women, depend on agriculture for their livelihood, mostly informal jobs. However, the sector has been hampered in recent years by lack of investment and modernisation, as well as poor infrastructure, says the report, titled Weathering Growing Risks: Addressing Macro‐Fiscal Challenges and Unlocking the Potential of the Agriculture Sector. Bold and sustained reforms to revitalise agriculture, as a significant contributor to poverty reduction, are urgent, as CAR's economy faces overlapping crises. Higher food and fuel prices, disruption in supply chains, political turmoil following the adoption of the cryptocurrency law, and the impact of the war in Ukraine, are slowing economic growth in CAR, with risks tilted to the downside.“CAR has abundant arable land and a favourable climate for agriculture and livestock,” said Guido Rurangwa, World Bank's Country Manager for CAR. “A comprehensive strategy, underpinned by concrete reforms, can unlock the potential http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Africa Research Bulletin Economic Financial and Technical Series Wiley

CENTRAL AFRICAN REPUBLIC: Economic Update

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Publisher
Wiley
Copyright
© 2023 John Wiley & Sons Ltd.
ISSN
0001-9852
eISSN
1467-6346
DOI
10.1111/j.1467-6346.2023.11043.x
Publisher site
See Article on Publisher Site

Abstract

A comprehensive strategy, backed by concrete reforms, could unlock the potential of agriculture to improve living conditions.The Central African Republic can lift millions of people out of poverty by transforming its vital agriculture sector as a key driver of economic growth, says the World Bank in its latest Economic Update report on the country.About 75% of Central Africans, particularly women, depend on agriculture for their livelihood, mostly informal jobs. However, the sector has been hampered in recent years by lack of investment and modernisation, as well as poor infrastructure, says the report, titled Weathering Growing Risks: Addressing Macro‐Fiscal Challenges and Unlocking the Potential of the Agriculture Sector. Bold and sustained reforms to revitalise agriculture, as a significant contributor to poverty reduction, are urgent, as CAR's economy faces overlapping crises. Higher food and fuel prices, disruption in supply chains, political turmoil following the adoption of the cryptocurrency law, and the impact of the war in Ukraine, are slowing economic growth in CAR, with risks tilted to the downside.“CAR has abundant arable land and a favourable climate for agriculture and livestock,” said Guido Rurangwa, World Bank's Country Manager for CAR. “A comprehensive strategy, underpinned by concrete reforms, can unlock the potential

Journal

Africa Research Bulletin Economic Financial and Technical SeriesWiley

Published: May 1, 2023

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