In brief
- The political situation in the WAEMU region is diverse, with elevated security risks underpinned by militant centres in the Sahelian zone of the region.
- Amidst global and regional shocks, WAEMU exhibited relatively robust growth, averaging 5.1% over 2018 – 2022.
- Inflation, traditionally below 3%, is at over 2x the medium-term target limit (FY2022: 7.4%) due to external shocks amidst internal security issues.
- Fiscal deficit, initially driven by public investment, has deviated from its convergence path, rising from 3.3% of GDP in 2018 to 6% in 2022, due to the measures implemented by the States to curb the consequences of the external and domestic shocks.
- However, the region’s growth prospects remain favourable, with support from emerging hydrocarbon production and potential IMF-supported reforms in key economies such as Cote d’Ivoire and Senegal.
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