After almost a decade of strong growth, the WAEMU region is facing severe challenges from a triple crisis impacting the health, economic and security situations. Both fiscal and monetary policies were relaxed significantly in 2020 to contain the pandemic and support the economy. A gradual fiscal consolidation is expected to start in 2021 and bring back the aggregate fiscal deficit towards the 3 percent of GDP regional ceiling within three years. Growth is expected to recover swiftly in 2021–22 to pre-crisis levels, but the economic outlook is still uncertain.
A technical assistance (TA) mission led by Mr. Fahd Ndiaye, Resident Adviser in Real Sector Statistics for AFRITAC West, visited Lomé from January 27 to 31, 2020, to assess the national accounts for the new base year 2016 with the National Institute of Statistics and Economic and Demographic Studies. (INSEED). These accounts were prepared in accordance with the System of National Accounts 2008 (2008 SNA). The proceedings took the form of a workshop with representatives of the World Bank, the United Nations Economic Commission for Africa (ECA), the African Development Bank (AfDB),the Statistical and Economic Observatory of Sub-Saharan Africa (AFRISTAT), the Commission of the West African Economic and Monetary Union (WAEMU) and the Central Bank of West African States (BCEAO). This report is largely based on the aide-memoire signed with the country and partners.