In a recent note from the Commission of the West African Economic and Monetary Union (UEMOA), Abdoulaye Diop took stock of the year under review. In this document it is announced that the UEMOA will show dynamic economic performance in 2024. The encouraging prospects for this year were also mentioned

UEMOA continues to move forward, driven by sustained economic momentum, despite a global economy under pressure and persistent internal challenges. Indeed, with a growth rate of 6.3% recorded in 2024, compared to 5.2% in 2023, the Union was able to demonstrate its ability to stay the course, despite the persistence of the security crisis in some Member States and the disturbances linked to external conflicts. According to EU data, this renewed performance is based on strengthened activity in the primary and secondary sectors, supported by the efficiency of the agricultural season and a resumption of extractive activities

On the budgetary level, the Member States, according to President Abdoulaye Diop, succeeded in better mobilizing their revenues (+9.3%) while controlling their expenditure (+1.9%) while controlling their expenditure (+1.9%), which made it possible to reduce the public deficit from 6.6% to 5.0% of GDP. In terms of the tax burden rate, a slight increase, converging to 14.3%, and the average debt ratio increased by one point to 64.8%. On foreign trade, the current account deficit fell to 5.9% of GDP, supported by export growth (+13.6%) and a slight drop in imports (− 1.2%). The money supply, for its part, grew rapidly (+8.9%) due to the consolidation of net external assets and domestic credits

For this year, the UEMOA Commission expects economic “momentum” to continue, with growth of 6.7% and an expected inflation rate of 3%. According to Abdoulaye Diop, the budget deficit is expected to contract to 3.7%, while the debt/GDP ratio could fall to 63%. In addition, the current account deficit is forecast at 3.5% and intra-UEMOA trade is expected to represent more than 16% of total trade in the region. In the long term, the “UEMOA 2040 Vision” intends to make the Union an integrated, sustainably competitive and internationally renowned space