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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

IMF Expects Senegal's Economy to Grow by 10.1% in 2025


Sun 23 Jun 2024 | 11:47 PM
Taarek Refaat

The International Monetary Fund (IMF) expects Senegal's economy to grow by 10.1% next year, 2025, compared to a growth rate of 7.1% this year.

The International Fund stated in a statement that the Senegalese economy improved significantly after the peaceful settlement of the presidential elections that took place last March, expecting a decline in the inflation rate as well, which should remain within the target range of the Central Bank of West African States by the end of 2025.

It is also expected that the high current account deficit for the period 2024/25 will decrease due to the start of oil production and the efforts to adjust public finances made by the Senegalese government.

Senegal recently joined the club of oil-producing countries with the start of production in the offshore Sangomar field, which has a production capacity of 100,000 barrels per day and also contains natural gas.

Economists' expectations indicate that oil production from this field may generate revenues that may reach $60 billion over the next 25 years.