Cote D’Ivoire expects 7.1% economic growth in 2022

Cote D’Ivoire, also known as Ivory Coast, is expecting a significant economic growth of 7.1% in 2022, surpassing the 6.5% projections for 2021. This promising outlook comes as the country continues its recovery journey from the devastating impacts of the COVID-19 pandemic. Charles Levy, an economist, shed light on the key aspects driving this growth trajectory during an interview with CNBC Africa. Levy highlighted the resilience of Cote D’Ivoire's economy in the face of challenges, emphasizing the concerted efforts to revive and enhance various sectors. One of the pivotal factors contributing to the country's economic recovery is the government's initiatives to support the private sector and ensure flexibility in navigating the crisis. Thanks to these measures, Cote D’Ivoire is on track to achieve a growth rate of 3% for 2021, with a positive outlook for 2022. The manufacturing sector, services industry, and exports have played a crucial role in propelling the country forward amid the challenging economic landscape. In particular, Levy pointed out the significance of the agricultural sector in Cote D’Ivoire's economic plan. While agriculture has historically been a primary driver of the economy, the government is now focusing on structural diversification and value chain optimization to maximize the sector's potential. With thriving sub-sectors such as cocoa, cashew nuts, rubber, and palm oil, Cote D’Ivoire is leveraging its agricultural strength for sustainable growth and development. Notably, the country has consistently maintained an impressive growth rate between 7 and 8% since 2012, positioning it as one of the fastest-growing economies in Africa. However, challenges persist in linking this growth to broader development goals, especially in infrastructure and overall economic progress. Levy emphasized the importance of human capital investment and the need for tangible outcomes from developmental programs to bridge this gap. As Cote D’Ivoire seeks to attract more foreign direct investment (FDI), the government is emphasizing the country's diversified economy and strategic sectors for potential investors. With promising opportunities in mining, energy, and tourism, Cote D’Ivoire is actively promoting its investment climate on the global stage. The country's recent progress in the World Bank's Business Environment Index reflects its commitment to creating a favorable business environment for investors. By showcasing its attractiveness and investment potential, Cote D’Ivoire aims to drive economic growth, create employment opportunities, and foster sustainable development in the years to come.