Prosperity for All Saotomeans : Priorities to End Poverty, Promote Growth, and Build Resilience in São Tomé and Príncipe
São Tomé and Príncipe (STP), a small island nation of 215,000 people in the Gulf of Guinea off the coast of Central Africa, is in many ways a country of great untapped wealth. One of Africa’s least known countries, its striking volcanic landscape is home to virgin rainforests with rich biodiversi...
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| Language: | English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/undefined/118521635537529841/Sao-Tome-and-Principe-Systematic-Country-Diagnostic http://hdl.handle.net/10986/36562 |
| Summary: | São Tomé and Príncipe (STP), a small island nation of 215,000 people in the Gulf of
Guinea off the coast of Central Africa, is in many ways a country of great untapped
wealth. One of Africa’s least known countries, its striking volcanic landscape is home
to virgin rainforests with rich biodiversity, while its large exclusive economic zone
(EEZ), approximately 160 times larger than the archipelago, is a marine biodiversity
hotspot and supports high numbers of species unique to the area. It has among the
lowest violence and crime rates in Africa and has had peaceful elections and
transitions of power since becoming a multiparty democracy in 1991, making it an
outlier in the region. It also has a young population, half of which is under 18 years of
age, raising the prospect of a demographic dividend to be tapped in the years ahead. Its economy has grown steadily over the past two decades, outpacing its high
population growth. This growth reflects strong inflows of overseas development aid
(ODA) and revenues from oil exploration that have enabled the government to expand
public investments, particularly in infrastructure, social protection, health, and
education. This has enabled STP to bridge the gap caused by years of
underinvestment in local human and physical capital, a legacy of the country’s colonial
past (its first secondary school was established only in 1952). This growth model has not been able to spark the fundamental changes needed for
the economy to generate resilient poverty reduction and shared prosperity. Few jobs
are being created, and indicators and consultations with civil society reveal a broad
sense of social exclusion even as the economy has grown. This model is not
sustainable.A new growth model is needed, one that will be able to provide more opportunities for
its growing population. In the context of STP, a small nation with low capacity facing
increasing vulnerabilities and in need of a new growth model, it is important to think
strategically to identify an effective way forward. To this end, this Systematic Country
Diagnostic (SCD) identifies the most critical vulnerabilities and constraints facing the
country and, from these, a set of actionable priorities that will contribute to reducing
poverty while promoting sustainable growth and shared prosperity. |
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