West Africa will be striving for economic growth against the backdrop of a major pair of twin shocks: the lingering COVID-19 pandemic and the Russia-Ukraine conflict. While GDP is set to decline by 1.2% in Burkina Faso, Mali, Cote d’Ivoire, and Senegal, Niger’s GDP is forecast to increase. As most West African countries are import dependent, the soaring inflation rates both within the sub-region and globally will undoubtedly lead to higher import bills and thus risk eclipsing the level of exports. The challenge for the ECOWAS, which forms the financial backbone of the sub-region, will be to try to contain inflation rates low without suppressing inclusive growth.
Source : Invest Africa Insights