Despite the negative economic perspectives for the world, the Bretton Woods institutions are optimistic about Togo's economic growth

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Thursday, 10 October 2019 16:42
Despite the negative economic perspectives for the world, the Bretton Woods institutions are optimistic about Togo's economic growth

(Togo First) - "African economies suffer...backlashes of the current global difficult times and this translates into a moderate growth across the whole region." These are words spoken by Cameroonian Albert Zeufack, chief economist of World Bank for Africa, to sum up the 20th Africa's Pulse half-year report focused on Africa's economic situation.

In 2019, sub-Saharan African economies should grow by 2.6% against 2.5% last year. This is 0.2 percentage points lower than the forecast made last April. The slow performance, World Bank says, is due to a not-so-impressive recovery of Africa's three mastodons, Nigeria, Angola, and South Africa. Indeed, while the oil sector in the first two lacks sufficient dynamism, investors shun the last according to the Bretton Woods Institution. The latter believes the slow recovery of these three economies should, alone, hamper economic growth across the whole sub-Saharan region, despite improvements in many other countries such as Togo.

Regarding the latter (Togo), the IMF has, last month, once more scaled up its growth forecast for the West African economy for the year, putting it at 5.3%. In the medium term, the institution is more optimistic than the World Bank, in a context where Togo's public debt is falling and where the government recently launched its national development plan which extends to 2022.

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