The rating agency Standard & Poor's forecasts that Togo's real GDP growth will slow to 1% in 2020 due to the adverse effects of the Covid-19 pandemic, the specialized magazine 'Financial Afrik' reported on Tuesday.

"Our economic projections, however, are uncertain, as they depend on the evolution of the pandemic. The informal economy, not included in official data, also makes the economic impact particularly difficult to estimate," S&P said.

"The port of Lomé is a transport hub between Asian economies, Togo and neighbouring landlocked countries. The importance of Togo's export sectors, mainly agriculture (cotton, coffee and cocoa), which accounts for about two-thirds of jobs, and minerals (phosphate, cement and clinker), makes the economy very vulnerable to the pandemic," the rating agency said.

It maintains its sovereign rating at B/B.

On the good news side, S&P expects a strong recovery in 2021.