Seychelles economy doing well, says World Bank

Posted in Business and Economy, International Organisations, International relations at 3:09 pm by Robert Klien

According to World Bank regional executive director for Africa Group 1 Denny H. Kalyalya, other countries have a lot to learn from Seychelles. He described Seychelles as the country with an upper middle income and with the highest GDP.

As part of a familiarisation tour of the 22 countries under his constituency following his recent election to the post, Mr Kalyalya made the declaration in Seychelles after meeting President James Michel at State House on January 21.

The World Bank regional executive director said: “There is a lot of development going on in Seychelles. The local economy is doing well compared to many other countries which are facing major problems such as unemployment. Seychelles is not in this situation and I commend the Seychellois authorities for the good work done. Seychelles is a high middle income country, the highest in our constituency. So you have a lot to teach to other countries, especially those which have gone through financial reforms”.

Dr Kalyalya will represent Seychelles on the Board of the World Bank until October 2014. Then a Seychellois national, Dr Peter Larose, takes over this office.

The meeting was also attended by the Minister for Finance, Trade and Investment Pierre Laporte, the secretary general in the Office of the President Lise Bastienne, and senior advisor to the executive director, Anthony Barclay.


Seychelles year-on-year inflation unchanged at 3.4%

Posted in Seychelles' statistics at 5:08 pm by Robert Klien

According to the National Bureau of Statistics, the Seychelles’ year-on-year inflation was unchanged at 3.4% in December.

The government of Seychelles says that the economy expanded by a faster-than-expected 3.5% in 2013. It is expected that its growth is to pick up to 4% by 2015.