Cote d'Ivoire Economic Outlook

Economic growth cooled in Q4 2021, seemingly due to weaker cocoa production. Turning to 2022, a surge in new daily Covid-19 cases in the first half of Q1 likely weighed on activity somewhat. That said, cocoa production firmed in the first quarter of the year, while abundant rains in March bode well for the harvest in Q2 and Q3. In politics, on 22 April, President Alassane Ouattara appointed a new, slimmed-down government. Although the President made few changes to key roles, he appointed West African Central Bank Governor Tiémoko Meyliet Koné as his vice president, potentially positioning Koné as a successor ahead of elections in 2025. Meanwhile, on 21 April, Fitch Ratings affirmed the country’s 'BB-' credit rating and stable outlook, highlighting the need for continued fiscal prudence and reforms to tackle deteriorating public finances.

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Cote d'Ivoire Economic Growth

Strong GDP growth is expected to carry over into this year, amid upbeat consumption growth and a resilient external sector. However, risks to the outlook stem from pandemic-related uncertainty and a global run-up in inflation. Further ahead, Italian firm Eni’s plans for oil extraction in the country—with production to start from mid-2023—bode well for economic activity. FocusEconomics panelists project GDP to expand 6.6% in 2022, which is unchanged from last month’s forecast, and 6.5% in 2023.

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Source: FOCUS ECONOMY