WAEMU economies show resilience amid the Covid-19 crisis

Economic governance
Saturday, 03 October 2020 18:19
WAEMU economies show resilience amid the Covid-19 crisis

(Togo First) - Economic growth in the West African Economic and Monetary Union (WAEMU) should stand at 1.3% in 2020, thus 5 percentage points down from 6.1% in 2019. 

According to the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO), the new forecast is better than what was expected considering the impact of Covid-19 on economies in the region. 

In the WAEMU, “GDP slumped by 2% in the second quarter of 2020 against an increase of 3.2% in the same period the year before, the BCEAO observed at its third ordinary meeting.

The decrease was “mainly driven by the tertiary and secondary sectors whose added values fell by 3.4% and 3.6% respectively in Q2 2020.”   

Meanwhile, the primary sector (agriculture notably) has been quite resilient in the past six months and this could partly explain the resilience of WAEMU economies amid the current crisis. 

Ayi Renaud Dossavi

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