Sunday, 2 May 2021

Ghana's 2019 economic growth ranked 73 among world economies

 


 

 

Adnan Adams Mohammed

 

A recent report released by the World Bank has indicated that Ghana’s economy was ranked 73 in the world in terms of Gross Domestic Product (GDP) in the year 2019.

 

The Bretton Wood institution reported that, Ghana’s economy stood at about US$67 billion in size in 2019, making it the 8 biggest economy on the African continent.

 

The country’s economy was also ranked 141 in terms of GDP per capita and 143 most complex economy, the Economic Complexity Index captured.

 

This, some economists believe calls for a more decisive and swift action to push the economy to a better position as there is huge disparity between the size of the economy and its per capita income.

 

Meanwhile, the latest data from the Ghana Statistical Service, released last week, confirms the widely anticipated fact that the national economy exited its first recession in some four decades during the last quarter of 2020.

 

The economy grew by 0.4 percent for the full year in 2020, gathering steam in the last three months after contractions in the second and third quarters due to the coronavirus outbreak.

 

Ghana’s gross domestic product grew 3.3% year-on-year in the fourth quarter as economic activities picked up following the easing of COVID-19 restrictions.

 

However, the GSS revised the contractions it had computed on provisional basis in the second quarter to 5.9 percent, up from 3.2% previously, and for the third quarter to 3.2 percent, up from 1.1% as originally pronounced last year.

 

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