World Bank forecasts 4.8 pct growth for Senegal's economy in 2022

2022-September-30 09:46 By: Xinhua

DAKAR, Sept. 29 (Xinhua) -- Senegal's economy is expected to grow 4.8 percent this year, against 6.1 percent last year, the World Bank announced in its "Senegal Economic Situation Report" published here Wednesday.

This growth rate will be driven by "the performance of the agricultural and mining sectors and to a lesser extent by the continued rebound in the services sector," the World Bank said.

For this year, private consumption should contribute less than expected to the growth rate following the consequences of inflation, but private investment, especially in the mining sector, will help support growth, it explained.

Due to global geopolitical tensions, inflationary pressures are expected to rise significantly in 2022 to 8.7 percent. "Energy and agricultural commodity prices have risen sharply in the first semester of the year," said the report.

In the medium term, growth should be strongly stimulated by the start of hydrocarbon production to reach, on average, 9.2 percent over the 2023-2024 period, said the report.

Editor: GSY
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