IMF scales up economic growth forecast for Togo

Economic governance
Wednesday, 03 April 2019 15:43
IMF scales up economic growth forecast for Togo

(Togo First) - Togo’s growth rate could slightly exceed 5% in 2019. The figure was revealed during a press conference held April 2, 2019 and closing of the mission of the International Monetary Fund (IMF) present in Lomé since March 20, to review the Extended Credit Facility (ECF).

After a strong slump in 2017 caused by sociopolitical tensions, economic growth hiked up to 4.9% in 2018,” said the mission chief, Ivohasina Razafimahefa.

The mission expects the country’s average economic annual growth rate to stand at 5.5%, spurred by a better business climate and good public infrastructures, added to a greater commitment of the private sector which drives this growth.

The IMF also lauded the “substantial budgetary effort initiated in 2017,” and extended in 2018. Togo has in these two years met WAEMU’s deficit criteria which is 3% of GDP.

Ayi Renaud Dossavi

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