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World Bank forecasts 6.8% growth for Côte d’Ivoire in 2023
The World Bank says it expects Côte d’Ivoire's economy to grow by 6.8 per cent this year and slow to 6.6 per cent in 2024. Samuel Mathey, an Economist and President of the African Foundation for Entrepreneurship and Economic Development, joins CNBC Africa for a discussion on this.
Wed, 11 Jan 2023 14:58:49 GMT
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AI Generated Summary
- Côte d’Ivoire's economy is expected to grow by 6.8% in 2023, showcasing its status as a leading economic force in West Africa.
- The country's resilience during the COVID-19 pandemic and strong GDP growth from 2012 to 2019 have positioned it as a stable and growth-oriented economy.
- Government priorities in industrialization, social welfare, and infrastructure development, coupled with efforts to attract FDI through investment policies and anti-corruption measures, are driving Côte d’Ivoire's economic success.
Côte d’Ivoire, also known as Codivus, is on a path to becoming a powerhouse in the West African region, with a thriving economy and ambitious growth projections. The World Bank forecasts a robust 6.8% growth for the country in 2023, setting it apart as a leader in economic development on the continent. Samuel Mathey, an Economist and President of the African Foundation for Entrepreneurship and Economic Development, shed light on the factors driving Côte d’Ivoire's growth trajectory.
Mathey highlighted the strategic importance of Côte d’Ivoire in the region, citing its position as a key producer of cocoa and cashew, the largest economy among French-speaking countries in Africa, and a hub for inter-regional economies. The country's resilience during the COVID-19 pandemic, with a positive growth rate of 2% in 2020, has bolstered its reputation as a stable and growth-oriented economy. This resilience is further underscored by an impressive average GDP growth of 8.2% from 2012 to 2019.
Côte d’Ivoire's economic success can be attributed to its strong economic growth plan, the PND, supported by the IMF and World Bank, as well as a favorable political environment marked by stability and a focus on infrastructure development and industrial expansion. The government's budget allocation of $16.9 billion, up 18.1% from the previous year, reflects a commitment to prioritizing industrialization and social welfare initiatives to address high youth unemployment rates and poverty levels.
In terms of attracting foreign direct investment (FDI), Côte d’Ivoire has positioned itself as an attractive destination by investing in infrastructure projects, enhancing its investment policies, and implementing anti-corruption measures. The country's diverse population, with over 120 nationalities living in Côte d’Ivoire, underscores its appeal as a cosmopolitan hub in West Africa.
As Côte d’Ivoire continues on its upward economic trajectory, the government's focus on industrialization, social development, and FDI attraction will play a crucial role in sustaining growth and solidifying its position as a rising economic power in the region.
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