Ivory Coast is forecasting GDP growth of 9.4 percent and an inflation rate of 1.7 percent this year as it continues its post-war economic revival, according to a letter written by the finance ministry to the International Monetary Fund (IMF).
Ivory Coast – French-speaking West Africa’s largest economy and the world’s top cocoa grower – recorded growth of 8.5 percent last year, according to the government.
The letter of intent, which was part of Ivory Coast’s application for an extension of its programme with the IMF, said the government plans to increase investment spending to 18.6 percent of GDP this year from 16.1 percent in 2014.
The IMF released the document, dated May 19, on Friday.
The IMF is forecasting Ivory Coast’s real GDP growth of 7.7 percent this year and 7.8 percent in 2016, according to its website.
Under President Alassane Ouattara, a former senior IMF official, Ivory Coast has invested heavily in large-scale infrastructure as part of efforts to spur on growth following a 2011 civil war that ended a decade long political crisis.
It is now seen as one of Africa’s fastest growing economies along with countries including Ethiopia, Democratic Republic of Congo and Chad.
Source : reuters