Forests and skills key to Equatorial Guinea’s future

Equatorial Guinea’s economy lost ground in 2024, growing just 0.9% after a stronger 5.1% jump in 2023, according to the World Bank’s latest economic update. The report points to falling oil revenues, higher prices, and limited job prospects as key reasons for rising poverty. An estimated 57% of people now live below the poverty line, despite efforts to boost income and settle past debts.

Since the late 1990s, growth was shaped largely by oil and gas discoveries. While that boom expanded roads and improved basic services, the report shows recent gains have slowed. The country’s produced capital rose sharply until 2020, but human capital—measured by education and health—is still below the levels seen in similar-income countries.

Oil still dominates the economy, making up over 80% of government revenues last year. But as reserves decline, the report says it’s time to shift focus to other assets—especially the forests, which remain vital to rural life and offer untapped potential through wood processing, agriculture, and tourism.

Forest areas have shrunk slightly over the past two decades, and while local people rely heavily on forest products, core services like carbon storage are at growing risk. The report urges action to protect these ecosystems by linking land planning, clean energy, and sustainable farming efforts.

“To move forward, Equatorial Guinea needs steady reforms, better policies, and support for rural sectors,” said lead economist Djeneba Doumbia. “With the right steps, forests can drive jobs, growth, and resilience in the years ahead.”