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Senegal's economy to contract 0.7% in 2020, IMF says

Reuters | Dakar | Updated: 21-09-2020 22:00 IST | Created: 21-09-2020 21:44 IST
Senegal's economy to contract 0.7% in 2020, IMF says
Representative image Image Credit: ANI

Senegal's economy is expected to contract by 0.7% this year due to the impact of the coronavirus pandemic, the International Monetary Fund (IMF) said on Monday, revising down its previous forecast of 1.1% growth.

Growth is expected to rebound to above 5% in 2021 although that projection is subject to "significant downside risks" related to uncertainty about the global economic recovery, the IMF said in a statement. As recently as January, the Fund had expected 6.8% growth for 2020, but the economy was battered by border closures, a curfew and social distancing.

Senegal's economy was one of Africa's fastest growing from 2014-2018 at above 6% annually before slipping to 5.3% in 2019.


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