IMF expects strong economic growth for Senegal in 2025
Date
6/24/2024 3:58:50 AM
(MENAFN) The International Monetary Fund (IMF) forecasts that Senegal's Economy will grow by 10.1 percent in 2025, a notable increase from the 7.1 percent growth rate expected this year. In its statement, the IMF highlighted that the Senegalese economy has made significant strides, particularly following the peaceful resolution of the presidential elections held last March. This political stability is expected to contribute to a decrease in the inflation rate, which is anticipated to remain within the target range set by the Central bank of West African States by the end of 2025.
Additionally, the IMF predicts a reduction in Senegal's high current account deficit during the 2024-2025 period, driven by the commencement of oil production and the government's fiscal consolidation efforts. Senegal has recently become an oil-producing nation with the start of production in the offshore Sangomar field, which has a capacity of 100,000 barrels per day and includes natural gas reserves. Economists estimate that the oil production from this field could generate revenues up to USD60 billion over the next 25 years, providing a substantial boost to the country's economic prospects.
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