BUJUMBURA, May 17, 2023 — Burundi has significant potential to grow its agriculture and trade sectors, create jobs and spur development by introducing reform, according to the Country Economic Memorandum report published today by the World Bank.
Gross domestic product (GDP) growth averaging about 4.5% from 2014 to 2017 placed Burundi’s economic performance close to the Sub-Saharan Africa average of 5%. This rapid growth was achieved thanks to reforms that contributed to improved macroeconomic and fiscal management. Although economic growth has slowed in the recent years, averaging 1.4% per year from 2019 to 2022, Burundi has significant development potential, and the economic outlook remains positive.
The World Bank’s Burundi Country Economic Memorandum (CEM) explores how boosting trade and increasing productivity and private sector activity in agriculture represent key opportunities for Burundi to increase food production, create jobs, and support sustainable economic growth. The report also notes how reforms to the foreign exchange market, fiscal discipline, a strong financial sector, enhanced resource management, and more investments in human capital will create the conditions for inclusive private sector-driven growth.
"The Government of Burundi has started implementing some of the Country Economic Memorandum’s recommendations, which are key for the country’s economic transformation. I believe that improving governance, ensuring macroeconomic stability, and introducing appropriate policy reforms in finance, trade, and agriculture will attract more private sector investments to Burundi. This will boost job creation and livelihoods for Burundians across the country," said Hawa C. Wague, World Bank Country Manager for Burundi.
In addition, the publication of this report underscores the World Bank Group’s commitment to increase its support and impact in Burundi as the country recovers from the impact of COVID-19 and faces new challenges, including rising global prices for commodities such as oil, wheat, and fertilizers.
