ECOWAS growth forecast for 2018 reduced to 3%, from 3.2% initially

Finance
Monday, 24 December 2018 17:27
ECOWAS growth forecast for 2018 reduced to 3%, from 3.2% initially

(Togo First) - Growth rate across the Economic Community of West African States (ECOWAS) should stand at 3% this year, a slight reduction compared to an initial forecast of 3.2%. This was announced during the ECOWAS’ 54th ordinary session last Saturday.

While lower than the figure announced at the 53rd session, the current forecast still exceeds those of 2017 (2.3%) and 2016 (0.2%).

The rise, according to the ECOWAS, is due to a rapid growth in many countries and especially to the consolidation of Nigeria’s economy. Regarding the latter, by the end of this year, it should grow by 2%.

Looking into Togo’s case, over the past three quarters, its growth rate was on the rise, going from 4.5% in the first quarter, to 4.7% in the second and 5% in the third. For the year, average growth is expected to stand at 4.9%.

The ECOWAS has urged the States to “pursue efforts to diversify their economies and implement specific policies to boost sectors that have a great impact on their growth”.  

Ahlonko Octave BRUCE

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