IMF Forecasts 5% Growth for Senegal Economy in 2021

The International Monetary Fund has said that Senegal’s economy will grow 5% in 2021 thanks in part to solid industrial output.

The latest IMF forecast, on Wednesday, is an upward revise of a previous forecast of 3.5% growth for this year.

In a statement, the Fund said it had reached a staff-level agreement with the West African country, which could pave the way for disbursements of around $180 million under an existing loan agreement.

Senegal is in the process of recovering from the recession caused by the pandemic, which slowed the country’s real GDP growth to 1.5% in 2020 from 4.4% a year earlier.

Your Friends Also Read:  Bomb Explosions Rock Kampala, Ugandan Capital

“Senegal’s economic rebound through September 2021 was stronger than envisaged, even as the country faced a third wave of the pandemic in the third quarter, on the back of solid industrial and services production,” the IMF said in a statement.

It predicted that economic growth would reach 5.5% in 2022, peaking at about 10% in 2023-24 with the start of oil and gas production, and easing to around 6% over the medium term.


All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.
Your Friends Also Read:  To Ensure Economic Recovery Africa Needs $1.2tn - IMF

Contact: digital@newscentral.ng

Total
1
Shares

Leave a Reply

Previous Article

Uganda to Borrow $90m for Secondary School Project

Next Article

EU Takes Namibia Off COVID-19 List of Safe Countries for Travel

Related Posts
Powered by Live Score & Live Score App