Tuesday, October 26

Togo revises up 2021 GDP forecast to 5.3%

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LOME — Togo’s economy is expected to grow 5.3% in 2021 compared with 1.8% last year, the National Credit Council said on Thursday, revising up an earlier forecast.

The change from an earlier forecast of 4.8% growth for this year was due to stronger-than-expected resilience of the services sector to the coronavirus crisis, said the chair of the council’s meeting, Simfétchéou Pré.

The tiny West African country, wedged between Ghana and Benin, relies on phosphates as a major source of its foreign exchange but is trying to turn itself into a shipping and transportation hub.

Last year, Togo’s economy saw its worst performance since 2007 as the pandemic led to curfews, bans on mass gatherings and border closures. (Reporting by John Zodzi Writing by Alessandra Prentice Editing by Gareth Jones)


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