Cote d'Ivoire's GDP growth rate for 2023 is projected to be 7.2%, while the inflation rate should drop to 3.7%, President of Cote d'Ivoire Alassane Ouattara has announced during his 3rd address to members of Parliament and Senators at the Sofitel Abidjan Ivoire Hotel on Tuesday.
"After a GDP growth rate of 2% in 2020, a year in which all the economies of the world plunged due to the Covid, Côte d'Ivoire has still been able to maintain its expansion", Outtara said, noting that the country’s GDP grew by 7.4% in 2021 and 6.8% in 2022, when inflation reached 5.3%.
The president argued that Cote d'Ivoire is "one of the locomotives of the sub-region and one of the main showcases of an Africa that is advancing and winning."
Outtare has also stated that his objective was to "create more wealth and jobs".
Faced with rising wheat prices the Ivorian government provided support to flour mills in the amount $100 million (of 62 billion CFA francs), according to the president.
Besides, in order to mitigate the impact of the increase in international prices on transportation costs and goods, state subsidies in the amount of around $1.2 bln (725 billion CFA francs) were provided.
Apart from that, Ouattara has announced the continuation of his commitment to the modernization of the country through implementation of "decisive actions" planned for 2023 in the amount of $607 mln (361 billion CFA francs) in the interests of youth.
Cote d'Ivoire is the largest economy of the West African Economic and Monetary Union. After many years of political instability and economic recession, the country is steadily growing, according to the World Bank.
Cote d'Ivoire is the largest producer of cocoa in the world (some 30 percent of world production), a major exporter of coffee and palm oil.
The country also has significant reserves of oil and natural gas on the shelf, the exploration of which has already increased government revenues. Moreover, increased public investment in education and infrastructure has led to the development of the manufacturing industry.