World Bank forecasts a growth rate of 3% for Togo’s economy in 2021

Economic governance
Tuesday, 12 January 2021 19:11
World Bank forecasts a growth rate of 3% for Togo’s economy in 2021

(Togo First) - The Togolese economy is expected to expand by 3% in 2021. The forecast was disclosed in the World Bank’s latest Global Economic Outlook report published this month. 

With the projection, the Bretton Woods institution consolidates perspectives for a rebound this year. However, the figure announced by the Bank is lower than the 4.7% growth rate Lomé hopes for, “provided that the pandemic is quickly brought under control.”

The economic dynamism expected for the country should be driven by an increase in national public and private, as well as foreign investment, in line with the national development plan (PND), knowingly in agriculture, energy, ports, airports, and infrastructure. Among other factors that will contribute to the economic revival of Togo is the takeover of the cotton sector by the Singaporean company Olam and the commitment of its subsidiary Arise in the construction of the Adétikopé Industrial Park, a flagship project of the PND.

At the regional level, Sub-Saharan Africa should experience “moderate recovery in 2021, with a growth rate of 2.7%,” the World Bank’s report states. 

Klétus Situ KOMKO (intern)

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