World Bank Projects Impressive Growth for Senegal in 2023

By Faustine Ngila

and industrial clay that accounted for 40% of the country’s export revenue in 2019. Its GDP stood at $27.6 billion in 2021 with a population of 17.9 million as of Jan. 10.

Côte d’Ivoire is projected to bounce back from 5.7% in 2022 to 6.8% this year, while Cameroon will have a gradual growth of 4.3% in 2023 and 4.6% in 2024, powered by “investment and private consumption.”

Growth of Anchor Economies will Slow Down

Excluding Nigeria, the western and central Africa subregion is projected to grow at 5.0% in 2023 (up from 4.2% in 2022.) Nigeria’s economic growth is expected to slow down with the World Bank stating that the country will continue “to suffer from an underperforming oil sector.”

The report projects a growth in eastern and southern African subregion of 4.5% this year and 5.0% in 2024. Western and central African economies will grow at 5.0% in 2023 and 5.6% in 2024. https://finance.yahoo.com/news/ world-bank-projects-impressivegrowth-142000000.html

Sub-Saharan Africa’s GDP growth rate will rise to 3.5% in 2023 and 3.9% in 2024 but World Bank warns governments against sinking deeper into debt, which accounted for “59.5% of GDP in 2022.” China was forced to waive debts for 17 African countries last year.

With many African currencies losing value against the US dollar in 2022, save for Zambia’s kwacha, low export capacity and sustained inflation will cause economic difficulties for the continent in 2023.

Source: https://qz.com/ world-bank-projectsimpressive-growth-for-senegalin-20-1849968829