African Development Bank Group to launch premier Regional Economic Outlook for West Africa
|Location:||Abidjan, Côte d'Ivoire|
Following the successful launch of the 2018 edition of its flagship African Economic Outlook, the African Development Bank will on Monday, March 12, 2018 launch the regional versions of the Report.
This is the first time in the African Economic Outlook’s 15-year history that an economic outlook report for each one of the Bank’s 5 regions in Africa has been prepared to complement the main report.
The Regional Economic Outlook Report for West Africa – a premiere
“The African Economic Outlook is a flagship Bank publication. It is highly regarded by policy makers, researchers and experts because of its strong analytical contents and its practical recommendations on how to handle critical development issues. It also provides an economic snapshot of all 54 African countries. By introducing a regional focus for the first time, we are leveraging our expertise to add more granularity and policy relevance to this publication,” said Celestin Monga, Chief Economist and Vice-President responsible for economic governance and knowledge management. “By introducing a regional focus for the first time, we are leveraging our expertise to give this publication greater depth of analysis and relevance.”
The regional analysis focusing on the 15 West African countries covers specific features, including challenges, successes and prospects: development challenges, structural problems and the incidence of poverty, as well as economic opportunities, employment.
Progress in a contrasting panorama
Overall, regional economic growth for West Africa stalled in 2016 to 0.5% after several strong years. Economic growth rebounded in 2017 to 2.5%, and is projected to rise to 3.8% in 2018 and 3.9% in 2019. Countries’ economic performance varied. Nigeria, which remains the economic "heavyweight" of the region, accounts for about 70% of West Africa's GDP.
However, in 2017, Nigeria recorded poor performance, while, Côte d’Ivoire and Ghana, together, contributed nearly 11% of West Africa's regional GDP.
“The African Economic Outlook is the result of extensive research including data collection, analysis, and projections. The Bank’s economists have redoubled their efforts to produce the regional economic reports, which further enrich the knowledge products of the Bank,” said Abebe Shimeles, Acting Director, Macroeconomic Forecasting and Research.
There is more good news for the region: household consumption, the dominant driver of production in West Africa. GDP stimulated by household consumption builds economic resilience. Also, the countries of the West Africa region have every reason to redouble their efforts to improve per capita income.
Launch of the Economic Outlook report for the West Africa region on March 12
The Bank’s regional Economic Outlook report for West Africa will be presented to the public on March 12, 2018 at 2.00 PM in the Babacar Ndiaye Auditorium at the Bank’s headquarters in Abidjan.
The Report will be presented by Celestin Monga, the Bank’s Vice President and Chief Economist and by Abebe Shimeles, Acting Director, Macroeconomic Forecasting and Research, in the presence of Marie-Laure Akin-Olugbade, Deputy Director General for West Africa. James Wahome, Regional Senior Economist, will also be on the panel.
Representatives from the Government of the country, the private sector and partner organizations, and civil society and the press are invited to the launch event.
The economic outlook reports for each of the Bank’s 5 regions in Africa will be presented to the public simultaneously on same date and time.
The report will be embargoed until March 12, 2018.