SEVILLE, SPAIN – His Majesty King Mswati III has told world leaders that Eswatini has made significant strides in stabilising its economy and aligning national development with the United Nations Sustainable Development Goals (SDGs).
Speaking at the Fourth International Conference on Financing for Development, the King detailed how the country shifted from two decades of sluggish growth to a path of renewed economic momentum within seven years.
He said in 2018, government discovered that the country’s Gross Domestic Product (GDP) had averaged just over two percent for more than 20 years – a pattern he described as unsustainable due to high levels of arrears.
“We decided to make a change and embark on a new course,” the King said.
The shift involved cutting Eswatini’s fiscal deficit from 7.5 percent in 2018 to just two percent by the end of 2022. According to the King, the process involved a tough but necessary balance of raising revenue while reducing public expenditure.
By 2023, signs of recovery began to show. The King said GDP had risen to five percent growth and is projected to exceed seven percent in the current fiscal year.
He attributed the turnaround partly to the confidence shown by the private sector in government’s economic reforms, which he said had restored investment appetite and contributed to the growth trajectory.
The King noted that despite the expansion, Eswatini remains within the recommended 40 percent debt-to-GDP ratio, describing it as a sign of fiscal discipline and long-term sustainability.
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