Economic Overview
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 remained amongst the few Sub-Saharan African economies that maintained growth in 2020 despite the Covid-19 pandemic, and in 2021 GDP growth accelerated to an estimated 6% (IMF). This strong rebound was driven by a recovery in exports and investment and robust domestic consumption (IMF). Assuming global conditions continue to normalize, GDP growth is projected to reach 6.5% in 2022 and 6.4% in 2023 (IMF). In addition to the continuation of the ongoing reform agenda, exploration of recently discovered oil and gas deposits will boost activity (Focus Economics).
Ivory Coast demonstrated strong resilience to the pandemic due to solid pre-crisis fundamentals, relative economic diversification and timely relaxing of the fiscal stance (IMF). The government put in place an emergency spending plan to tackle the health crisis and limit the growth deceleration. In 2021, the economy recovered strongly, but public accounts consolidation was postponed due to increased security expenditures. Fiscal deficit was maintained at 5.6% GDP in 2021, and authorities target a 4.6% GDP deficit for 2022. The 2022 budget is 15% higher than the previous one, and the largest among WAEMU countries. The return to the 3% WAEMU norm is planned for 2024. Public debt increased from 47.7% GDP in 2020 to 50.2% GDP in 2021, and is expected to reach 51.1% GDP in 2022 and 51.2% GDP in 2023. Supply chain and energy shortages issues fuelled inflation, which increased from 0.8% in 2019 to an estimated 3% in 2021 according to the IMF. In December 2021, inflation reached 4.2% according to the national statistics office (INS). The IMF expects inflation to decrease to 2.5% in 2022 and 2.2% in 2023. 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 2020. According to UNDP, due to the COVID-19 pandemic, 27.5% of households are technically unemployed and 44.4% of households were forced to work part-time.
| Main Indicators | 2020 | 2021 (e) | 2022 (e) | 2023 (e) | 2024 (e) |
| GDP (billions USD) | 61.44e | 70.08 | 68.63 | 72.69 | 79.17 |
| GDP (Constant Prices, Annual % Change) | 2.0e | 7.0 | 5.5 | 6.5 | 6.6 |
| GDP per Capita (USD) | 2 | 2 | 2 | 2 | 2 |
| General Government Gross Debt (in % of GDP) | 47.6 | 52.1 | 56.0 | 55.1 | 53.7 |
| Inflation Rate (%) | 2.4 | 4.2 | 5.5 | 4.0 | 1.8 |
| Current Account (billions USD) | -1.97 | -2.64 | -3.56 | -3.67 | -3.85 |
| Current Account (in % of GDP) | -3.2e | -3.8 | -5.2 | -5.0 | -4.9 |
Source: IMF – World Economic Outlook Database , October 2021
Note: (e) Estimated Data
Country Risk
See the country risk analysis provided by La Coface.
