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Nicaragua is the largest country in Central America, covering 130,373 square kilometers. Its economy relies on producing light manufacturing, services, and agriculture. In recent years, Nicaragua has benefited from foreign direct investment, at 6.7 percent of Gross Domestic GDP (GDP) with a slight decline from 2022, and remittances, which rose to 26.1 percent of GDP compared to 20.6 the previous year.
The GDP grew by 4.6 percent in 2023, from 3.8 percent in 2022, driven by the growth in the services sector, particularly hotels, restaurants, and retail. Despite a slowdown in net external demand, remittances buoyed private consumption while improved economic expectations boosted investment. Growth slowed to 3.6 percent in 2024, with the monthly economic activity index growing 1.7 percent in June 2024, due to reduced production in fishing, livestock, agriculture, and manufacturing.
The employment rate reached 66.9 percent in the second half of 2023, close to pre-pandemic levels, due to sustained growth, lower inflation, and increased remittances. The employment rate for women (54.9 percent in June 2024) has increased in recent years but remains well below that for men (75.9). Poverty (US$3.65/day 2017 PPP) is estimated to have declined to 12.5 percent in 2023 from 13.1 percent in 2022.
The macroeconomic outlook faces downside risks from exposure to natural disasters, volatility of food and oil prices, economic downturns in key trading partners, and tighter financial conditions. These factors could disrupt trade and external flows, leading to inflation that reduces purchasing power, higher unemployment, and poverty, as well as challenges for refinancing public debt.
The 2018-22 CPF focuses on investing in human capital—health, education, and skills—and in the private sector to create better-paying jobs. It highlights working with youth, women, indigenous populations, and Afro-descendant communities, especially in areas vulnerable to climate crises, such as the Dry Corridor and the Caribbean coast.
The strategy includes a mix of emergency and investment projects financed primarily by the International Development Association (IDA) and trust funds. The revised program prioritizes support for vulnerable populations, job creation, and resilience for sustainability.
The current World Bank portfolio includes three investment projects financed (totaling US$ 276 million) in response to the COVID-19 pandemic and recent hurricanes. These activities focus on fisheries, housing, access roads, and subsistence agriculture. Additionally, two operations funded by grants (US$ 17.18 million) address food insecurity and improve nutrition-sensitive agriculture for the most vulnerable populations.
With financing from the Global Agriculture and Food Security Program, the World Bank seeks to improve agricultural productivity and climate resilience and support nutritional security in certain Nicaraguan municipalities in the Dry Corridor and Caribbean coastal areas.
In November 2020, hurricanes Iota and Eta caused significant damage and loss of life in Nicaragua, worsening COVID-19 transmission risks. In response, a US$ 80 million credit was approved in 2021 to help the country meet urgent needs, particularly for impoverished populations most affected by these tropical disasters.
In December 2020, the World Bank approved US$ 20 million to support Nicaragua''s COVID-19 response, and in 2022, it approved US$ 116 million to ensure access to COVID-19 vaccines. The projects aim to restore the health system to pre-COVID levels in terms of essential services, medicines, vaccines, and medical and laboratory supplies.
In Nicaragua, emergency projects are implemented by the United Nations Office for Project Services (UNOPS), the Pan American Health Organization (PAHO/WHO), and the Food and Agriculture Organization (FAO).
Aproject in Nicaragua''s ruralareas from 2015 to 2019 helped over 14,000 people, mostly women, youth, and Afro-descendants, improve their access to nutritious food. The project used innovative agricultural and fishery techniques, training, and investments, resulting in a 78.25% increase in agricultural yields and over 8000 beneficiaries adopting new technologies.
Through the projects andIntegrated Public Provision of Health Care Services, Nicaragua established plans to improve health care quality and prevent chronic diseases in the first level of care. The results highlight the training of 2,518 health workers, the creation and equipping of entomology rooms to prevent diseases transmitted by mosquito bites, and the establishment of hospital waste management plans in 34 of the 64 hospitals.
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