Turning Smallness into Uniqueness : Six Key Challenges to Unlock Sao Tome and Principe Growth’s Potential
Economic growth in Sao Tome and Príncipe (STP) has long been driven by an unsustainable reliance on public expenditures, especially grant- and loan-financed public investment. STP needs to turn its smallness into uniqueness to unlock its growth pot...
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World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/567101564039933351/Turning-Smallness-into-Uniqueness-Six-Key-Challenges-to-Unlock-Sao-Tome-and-Principe-Growth-s-Potential-Summary-Report http://hdl.handle.net/10986/32143 |
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okr-10986-321432021-06-14T10:02:38Z Turning Smallness into Uniqueness : Six Key Challenges to Unlock Sao Tome and Principe Growth’s Potential World Bank DEVELOPMENT CHALLENGES SMALL ISLAND DEVELOPING STATES CURRENT ACCOUNT MACROECONOMIC MANAGEMENT EXPORT DIVERSIFICATION REVENUE MOBILIZATION TRADE CONNECTIVITY INFRASTRUCTURE FINANCIAL INFRASTRUCTURE FISHERIES AGRICULTURE TOURISM Economic growth in Sao Tome and Príncipe (STP) has long been driven by an unsustainable reliance on public expenditures, especially grant- and loan-financed public investment. STP needs to turn its smallness into uniqueness to unlock its growth potential. To accomplish this transformation, this image must be matched by a more balanced growth in which the private sector plays a larger role and with a more effective government. Tourism, agriculture, and fisheries could drive the country’s transition to a more balanced growth pattern. This Country Economic Memorandum (CEM) highlights six key challenges that STP must overcome as it transitions to a more balanced growth pattern and it offers policy recommendations for addressing each challenge. Accomplishing this rebalancing will require STP to address six key challenges at the macroeconomic, structural, and sectoral level. These include: (i) The twin budget and current-account deficits; (ii) Weak trade connectivity by both air and sea; (iii) Credit constraints caused by a high level of non-performing loans and difficulties enforcing commercial contracts; (iv) Uncertainty surrounding property rights and land tenure; (v) Poor-quality infrastructure, especially in the energy and transportation sector; and (vi) The overexploitation of marine resources. 2019-07-29T21:38:11Z 2019-07-29T21:38:11Z 2019-07-24 Report http://documents.worldbank.org/curated/en/567101564039933351/Turning-Smallness-into-Uniqueness-Six-Key-Challenges-to-Unlock-Sao-Tome-and-Principe-Growth-s-Potential-Summary-Report http://hdl.handle.net/10986/32143 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Country Economic Memorandum Africa Sao Tome and Principe |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
DEVELOPMENT CHALLENGES SMALL ISLAND DEVELOPING STATES CURRENT ACCOUNT MACROECONOMIC MANAGEMENT EXPORT DIVERSIFICATION REVENUE MOBILIZATION TRADE CONNECTIVITY INFRASTRUCTURE FINANCIAL INFRASTRUCTURE FISHERIES AGRICULTURE TOURISM |
| spellingShingle |
DEVELOPMENT CHALLENGES SMALL ISLAND DEVELOPING STATES CURRENT ACCOUNT MACROECONOMIC MANAGEMENT EXPORT DIVERSIFICATION REVENUE MOBILIZATION TRADE CONNECTIVITY INFRASTRUCTURE FINANCIAL INFRASTRUCTURE FISHERIES AGRICULTURE TOURISM World Bank Turning Smallness into Uniqueness : Six Key Challenges to Unlock Sao Tome and Principe Growth’s Potential |
| geographic_facet |
Africa Sao Tome and Principe |
| description |
Economic growth in Sao Tome and Príncipe
(STP) has long been driven by an unsustainable reliance on
public expenditures, especially grant- and loan-financed
public investment. STP needs to turn its smallness into
uniqueness to unlock its growth potential. To accomplish
this transformation, this image must be matched by a more
balanced growth in which the private sector plays a larger
role and with a more effective government. Tourism,
agriculture, and fisheries could drive the country’s
transition to a more balanced growth pattern. This Country
Economic Memorandum (CEM) highlights six key challenges that
STP must overcome as it transitions to a more balanced
growth pattern and it offers policy recommendations for
addressing each challenge. Accomplishing this rebalancing
will require STP to address six key challenges at the
macroeconomic, structural, and sectoral level. These
include: (i) The twin budget and current-account deficits;
(ii) Weak trade connectivity by both air and sea; (iii)
Credit constraints caused by a high level of non-performing
loans and difficulties enforcing commercial contracts; (iv)
Uncertainty surrounding property rights and land tenure; (v)
Poor-quality infrastructure, especially in the energy and
transportation sector; and (vi) The overexploitation of
marine resources. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Turning Smallness into Uniqueness : Six Key Challenges to Unlock Sao Tome and Principe Growth’s Potential |
| title_short |
Turning Smallness into Uniqueness : Six Key Challenges to Unlock Sao Tome and Principe Growth’s Potential |
| title_full |
Turning Smallness into Uniqueness : Six Key Challenges to Unlock Sao Tome and Principe Growth’s Potential |
| title_fullStr |
Turning Smallness into Uniqueness : Six Key Challenges to Unlock Sao Tome and Principe Growth’s Potential |
| title_full_unstemmed |
Turning Smallness into Uniqueness : Six Key Challenges to Unlock Sao Tome and Principe Growth’s Potential |
| title_sort |
turning smallness into uniqueness : six key challenges to unlock sao tome and principe growth’s potential |
| publisher |
World Bank, Washington, DC |
| publishDate |
2019 |
| url |
http://documents.worldbank.org/curated/en/567101564039933351/Turning-Smallness-into-Uniqueness-Six-Key-Challenges-to-Unlock-Sao-Tome-and-Principe-Growth-s-Potential-Summary-Report http://hdl.handle.net/10986/32143 |
| _version_ |
1764475886926561280 |