Economic Outline

Economic Indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Ivory Coast’s economy proved resilient to the Covid-19 pandemic, and is amongst the fastest growing economies in Sub-Saharan Africa. After reaching 7% in 2021, GDP growth slowed down to 5.5% in 2022, due to subdued global demand, worsened terms of trade and increased uncertainty (IMF). However, economic growth is expected to accelerate to 6.5% in 2023 and 6.6% in 2024 (IMF). Investments, industrial activity, reforms and consumption should support growth.

After a strong recovery from the pandemic in 2021, Ivory Coast’s economy remained solid in 2022, but was impacted by the consequences of the war in Ukraine. The Ivorian authorities took several temporary measures to tackle this external shock, such as introducing price ceilings on several food items (IMF). Fiscal deficit increased to -5.3% GDP in 2022 from 5% GDP in 2021, but it is expected to decrease to 4% in 2023 through fiscal consolidation efforts (IMF). The return to the 3% WAEMU norm is planned for 2024. Public debt increased from 52.1% GDP in 2021 to 56.0% GDP in 2022, and it is expected to slightly decrease to 55.1% GDP in 2023 and 53.7% GDP in 2024 (IMF). Despite the moderate risk of debt distress, the space to absorb future shocks is very limited, highlighting the need to accelerate efforts to mobilize domestic revenue (IMF). Inflation increased to 5.5% in 2022, from 4.2% in 2020, and is expected to remain high in 2023 (4%) before declining to 1.8% in 2024 (IMF). The authorities are committed to pursue fiscal consolidation, and adopt tighter monetary policy. The new National Development Plan 2021-2025 focuses on governance and modernization of the State, economic diversification, human capital, social inclusion and infrastructure. According to the IMF, over the medium term the main challenges include addressing pressing development needs, limiting debt vulnerabilities and increasing domestic revenue mobilization. Coface identifies the low share of investment, the high share allocated to the wage bill, the gradual rollout of universal health coverage and improvements to the quality of education and health as the main challenges.

Despite good economic performance, the poverty rate grew sharply compared to its level three decades ago. More than 45% of the population lives under the poverty threshold, and around a quarter of the working population remains unemployed. Unemployment rate was estimated by the World Bank at 3.5% in 2021. According to UNDP, during the COVID-19 pandemic, 27.5% of households were technically unemployed and 44.4% of households were forced to work part-time.

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