Recent economic and social developments in West Africa and prospects for 2012

Abstract

Global output growth slowed down in 2011, and recent forecasts for 2012 and 2013 show anemic growth for different regions of the world due to the continuing economic fallout in the Euro zone. Due to trade, financial and resource flow interdependence the developing countries have not been immune from developed countries’ economic crisis, dimming the growth prospects for 2012 and beyond. The detailed analysis of the macroeconomic conditions in various West African countries shows mixed prospects for 2012. In fact, the subregional growth rate was projected to be sustained at above 6 per cent before the Mali and Guinea turmoil, as well as the deepening drought and the concomitant humanitarian disaster in the Sahel region. The subregion continued to make progress towards strengthening regional integration. The countries have to adhere to a set of convergence criteria that will allow them to deepen their economic integration. The report will unpack these messages in its analysis and provide recommendations that, on the whole, can concretely bring the long desired development to West Africa.