Mauritania's progress toward its goal of becoming an upper-middle-income country by 2050 will depend on its ability to diversify its economy, according to a new report from the World Bank Group. The Growth and Jobs Report, released today, outlines key areas for reform and investment that could support more inclusive and sustainable growth.
Ibou Diouf, World Bank Country Manager for Mauritania, said, "this report suggests an analytical framework to support the Government's efforts to create the conditions for more inclusive, sustainable, and resilient growth."
Over the past twenty years, Mauritania has experienced average economic growth of 3.5 percent. However, the report notes that sustaining this pace will require expanding the country's productive base and increasing labor force participation rates, which currently remain below half of the working-age population. Sectors identified as having high potential include agriculture, fisheries, energy, and digital services.
Keiko Miwa, Division Director for Cabo Verde, The Gambia, Guinea-Bissau, Mauritania, and Senegal at the World Bank noted: "Mauritania has the assets to succeed in its economic transformation. In addition to its mineral wealth, new frontiers are being used to transform solar abundance into competitive energy, to develop agricultural land into modern agri-food chains, and to convert digital connectivity into high-value services. The World Bank is committed to supporting this diversification."
The International Finance Corporation (IFC) also highlighted private sector development as crucial for economic change. Olivier Buyoya, IFC Regional Director for West and Central Africa said: "The Mauritanian private sector is very entrepreneurial driven. IFC is committed to mobilizing private capital to turn ideas into viable businesses, startups into strong players, and unleash the potential of women entrepreneurs. With the right enabling environment it can become a key driver of shared prosperity."
According to the report's findings—which are part of ongoing strategic discussions between the World Bank and Mauritanian authorities—three main factors are critical for inclusive growth: improving human resources and infrastructure; enhancing regulations; and fostering private sector development. Five priority reforms were emphasized: early childhood education improvements; better land management; updating labor codes; strengthening competition policy; and developing skills in science, technology engineering and mathematics (STEM).
The analysis concludes that Mauritania's geographic location along with political stability—and resources in gas mining agriculture—position it well for attracting private investment and creating jobs through a diversified economy.