WAEMU: Is the tertiary sector the most impacted by Covid-19?

Economic governance
Friday, 26 June 2020 09:49
WAEMU: Is the tertiary sector the most impacted by Covid-19?

(Togo First) - In a recent report, the Central Bank of West Africa (BCEAO) forecast WAEMU’s economic growth rate at 2.6% in 2020. This is 4 percentage points less than the apex bank’s initial forecast (6.6%) - a drop explained by the Covid-19 pandemic. 

This was disclosed after the ordinary meeting of the Monetary Policy Committee (CPM) which took place earlier this week. 

Another information released following the videoconference states that “the Union’s GDP rose, by 3.3% y/y in Q1 2020, and 6.5% in the previous quarter.” The smaller growth is mainly attributable to lower performances in the tertiary sector, with an emphasis on tourism, hospitality, transport, and trade. These sectors have suffered the pandemic the most. Overall, the tertiary sector’s contribution to GDP growth in the Union was halved from between Q4 2019 and Q1 2020. 

Regardless, the BCEAO remains optimistic about the recovery of affected industries - an optimism based on the various national recovery plans underway. The Bank also took into account the gradual easing of restrictive measures across the Union. 

Ayi Renaud Dossavi

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