Togo: World Bank Forecasts 5.1% Economic Growth in 2024

Tuesday, 16 April 2024 16:30
Togo: World Bank Forecasts 5.1% Economic Growth in 2024

(Togo First) - The Sub-Saharan African economy is poised for a rebound this year, with projected growth rates of 3.4% and 3.8% in 2025, marking an upswing from the 2.6% recorded in 2023. These figures were unveiled last week in the World Bank’s latest Africa’s Pulse report..

According to the report, the anticipated growth will be underpinned by a surge in private consumption coupled with a downward trend in inflation. However, despite this positive outlook, the World Bank cautions that inflation, while expected to dip from 7.1% in 2023 to an average of 5.1% in 2024, will remain high. Moreover, many African governments grapple with persistent challenges related to external liquidity and unsustainable debt levels, despite a slowdown in the growth of public debt.

Turning the focus to Togo, the World Bank authors project a growth rate of 5.1% in 2024. This optimism is tempered by efforts aimed at bolstering fiscal management amidst weak external demand and regional uncertainties. Meanwhile, the Togolese government remains committed to curbing inflation, after this indicator reduced from 5.3% in 2023 to 2.7% in 2024.

Ayi Renaud Dossavi

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