Hire your remote team in Gambia

The Gambia ranks 104th in terms of economic freedom in the 2021 Index, with a score of 58.8. The country ranks lower than the global average but better than the regional average. The Gambia's GDP is expected to contract by 1.8% this year as a result of the worldwide epidemic.

Trade and business freedom ratings have risen dramatically, but labor, investment, and financial freedom scores have plateaued. However, the ratings for monetary freedom and government expenditure have fallen. According to 2020 figures, the labor rate in the Gambia between the ages of 15 and 65 was 60.83%. According to statistics, the jobless rate will reach 9.50% by the end of 2020. The economy is dominated by farming, fishing, and tourism. The low economic levies and simple administrative processes in the nation entice export enterprises. As a result, export is one of the most important trades. The Gambia has a 60% superior skill gap, making inexpensive labor readily accessible.

Before relocating or establishing a business in another nation, we must evaluate the typical cost of living. The higher the expense of living, the higher the wage and provision for housing (if any). The cost of living gives an average notion of a person's expenditure. These expenditures include food, housing, transportation, education, clothes, childcare, and other items. Another thing to consider is that the retail price of a product may differ from one location to the next. The table below provides an estimate of the average cost of living in the Gambia. The table shows the monthly cost in US dollars.

Before a corporation enters a nation and opens a branch, it must assess the major expenses connected with each hiring. Some businesses have an in-house human resources department, while others outsource these services. In the long term, an in-house HR department is costly. According to an MIT Sloan research, the typical firm loses between 1% and 2.5% of its overall income.

Furthermore, the Gambia's average cost of living is USD 536. These prices differ from one nation to the next. However, the listed charges are needless and add up quickly. Most nations now outsource their human resource services to save money.

Based on historical statistics and patterns, it is clear that Gambia's market has remained steady since its independence. The present epidemic has had an impact on its economy, but the expected GDP growth is encouraging. The Gambia is a developing nation with few resources. Unemployment is at an all-time high and may rise further. The Gambia needs to welcome additional industries, according to the present market condition and trends. The availability of talent is a significant attraction for corporations looking to invest in the Gambia.

Brikama is the hub of agricultural commerce in Gambia, and it employs the majority of the country's work force. Brikama also has agricultural research institutions and is the center of most agricultural commerce.

Banjul, the Gambia's capital, is an Atlantic port and commercial transit hub. The majority of Gambia's vocational schools are concentrated in the capital city. The city is preferred by most enterprises due to its proximity to natural resources and skilled labor. Industries provide 12% of the country's GDP and are a key employment.

The Gambia provides tax breaks, easy and fast processes, and lucrative opportunities to the tourist and export industries. The country's landlocked status makes this difficult. The present president strives and works tirelessly to attract additional international investment. The emphasis is on the agri-food and tourist industries, which the government has designated as "priority sectors." To generate additional income, the government must enhance power, credit, simplify the tax system, and safeguard minority investors. To improve their training, the government has established a number of vocational institutions. As a matter of urgency, the government must take the necessary steps to close the skill gap.