June 29, 2020 The outlook for 2020 for sub-Saharan Africa is considerably worse than was anticipated in April and subject to much uncertainty. The mobilization of external resources (direct foreign investment and eurobonds) as well as healthy migrant remittances made it possible to meet current account financing needs.The poverty rate fell from 57.3% in 2001 to 46.7% in 2011. Some 137,500 direct beneficiaries (against 90,000 targeted initially) and 571 hectares (against 343 initially targeted) have been protected. Key projects include the Thiès-Touba Highway, the new international airport opened in December 2017, and upgrades to energy infrastructure.

Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of this plan.Senegal receives technical support from the IMF under a Policy Support Instrument (PSI) to assist with implementation of the ESP. Additional tariffs and penalties are likely. Public investment in infrastructure, agriculture, and energy kept the fiscal deficit at 3.6% of GDP in 2018 and 2019, above the WAEMU convergence threshold of 3%. Economic growth continues to accelerate and should reach 6.7% in 2016 (up from 6.5% in 2015), mostly driven by agriculture, industry and a revival in the services sector. Electricity prices in Senegal are among the highest in the world. 86 Senegal.

country comparison to the world (CIA rank, may be based on non-current data): large-scale infrastructure projects are usually the first to be cut … The U.S. economic outlook is a U-shaped recession for 2020 and beyond. country comparison to the world (CIA rank, may be based on non-current data): No claims are made regarding the accuracy of Senegal Economy 2020 information contained here. country comparison to the world (CIA rank, may be based on non-current data):

We expect that the local spread of coronavirus, and restrictive measures to contain it, will dampen consumer demand and business activity, while a sharp downturn in the global economy will weigh on the country’s external sector.

Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. Inflation in 2019 remained low at 0.2%.Worsening terms of trade due to rising oil prices and equipment imports increased the current account deficit in 2019 to 8.8%, projected to rise to 9.7% in 2020 and 9.8% in 2021. Economic growth in the franc zone is also expected to remain strong, increasing from 4.7% in 2019 to 4.9% in 2020. Given the global Covid-19 (coronavirus) pandemic, we have turned more bearish on Senegal’s economic outlook for 2020.

The World Bank Group has contributed to Senegal’s development performance in various sectors, including: Stormwater Management. The cost of electricity is a chief constraint for Senegal’s development. 119

99 A shortage of skilled workers (roughly 70% of the labor force is unskilled) remains a major challenge in revitalizing the public sector.Budget constraints over the past two years linked to the increase in energy subsidies led to a build-up of domestic arrears to the energy and fuel sectors and to private businesses. country comparison to the world (CIA rank, may be based on non-current data): Farm profits plummeted in response to the trade war with China in 2019 and COVID-19 lockdowns in 2020. 107 GDP (billions USD): 25.77 (Source: IMF – World Economic Outlook Database, 2020) GDP (Constant Prices, Annual % Change): 3.0 (Source: IMF – World Economic Outlook Database, 2020) GDP per Capita (USD): Real GDP growth has been above 6% on average since 2015, propelled by the Plan for an Emerging Senegal (2014–18).

Growth slipped to 6.0% in 2019 from 6.7% in 2018.

Due to the high level of uncertainty in current global economic conditions, the April 2020 WEO database and statistical tables contain only these indicators: real GDP growth, consumer price index, current account balance, unemployment, per capita GDP growth, and fiscal balance. 26

The World Bank Group has contributed to Senegal’s development performance in various sectors, including: Stormwater Management. 133 The second Plan for an Emerging Senegal (2019–23) calls for implementing reforms to stabilize the macroeconomic environment, stimulate private investment, and accelerate the economy’s structural transformation. Projections for these indicators are provided only through 2021.The information about original data source is available only to Professional users. Nevertheless, high public financing needs led to a rapid increase in … The demand for construction equipment is mixed. The adoption in 2020 of a single currency, the eco, by ECOWAS members will also strengthen regional integration and reduce transaction costs.The economy faces constraints related to energy distribution, water control, basic infrastructure development (particularly in agriculture), and access to land— limiting productivity and reducing competitiveness.The private sector, particularly small and medium business, struggles with high borrowing costs, complicated administrative procedures, and a relatively unattractive legal, fiscal, and regulatory framework. 155 country comparison to the world (CIA rank, may be based on non-current data): Office Information. All suggestions for corrections of any errors about Senegal Economy 2020 should be addressed to the CIA or the source cited on each page.