West Africa: Progress in a contrasting panorama
After several good years, economic growth in West Africa stagnated at 0.5% in 2016. The decline in the price of raw materials and the unimpressive performance of Nigeria, which alone accounts for about 70% of the sub region’s GDP, were some of the key factors identified as responsible for stagnation. Economic growth in West Africa rebounded to 2.5% in 2017 and is projected to rise to 3.8% in 2018 and 3.9% in 2019. Household consumption and the relative price recovery of certain materials are expected to contribute to this performance.
Marie-Laure Akin-Olugbade, Deputy Director General of the African Development Bank for West Africa, identified job creation, especially for young people as the big challenge for the sub-region.
"The 2018 Regional Economic Outlook for West Africa presents a comprehensive analysis of the economy and the labor market of 15 countries, focusing on macroeconomic stability, employment and poverty of the population living in West Africa. Let us not forget that some of the countries in this sub-region are facing enormous security challenges, "she said.