The Comoros Economic Update, titled "An Ocean of Opportunities: Blue Economy as a Driver of Sustainable Growth," provides an analysis of recent economic trends and the medium-term outlook for the country. The report highlights how the blue economy can foster growth, create jobs, and protect ecosystems while ensuring sustainable resource management.
In 2024, Comoros experienced modest economic growth from 3% to 3.4%, primarily driven by household consumption and services, with support from rising remittances and easing inflation. However, per capita income stagnated, and poverty levels remained high. Public finances faced pressure as revenues stayed at 16.6% of GDP while spending increased due to large externally financed projects, widening the fiscal deficit from 1.3% to 3.9%. Public debt rose to 36.8% of GDP, leading the IMF and World Bank to classify Comoros at high risk of debt distress.
Despite a positive growth outlook between 2025 and 2027 driven by private consumption and public investment in infrastructure for events like the Indian Ocean Island Games in 2027, Comoros faces macroeconomic challenges such as high import dependency and limited export diversification. WTO accession could open new markets but may reduce trade revenues without complementary policies.
To ensure sustained growth, Comoros needs fiscal policy reforms, private sector growth enhancement, and governance strengthening to build resilience. With public debt projected at 37% of GDP in 2024 and low domestic revenues globally, key reforms include broadening the tax base and improving public financial management.
Comoros holds significant potential in its natural capital through fisheries and marine tourism but struggles with weak infrastructure and outdated practices. A well-executed blue economy strategy could raise GDP growth aligning with Plan Emergent Comores 2030 objectives for sustainable resource management.