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(Ecofin Agency) – Over the past decade, the Ivorian government has tripled its state budget from $5.3 billion to more than $17.1 billion between 2011 and 2022.
In a statement issued Tuesday, the government says 36.6% of the 2022 state budget will go for investment while 28.4% will be used for staff expenditures, 14.3% for public debt, 10.7% for the acquisition of goods and services, and 10.1% for transfers.
This year, the government wants to focus on improving the living conditions of the population through the National Development Plan (NDP) 2021-2025 and the Government Social Program (PS Gouv) 2022-2024. Authorities expect growth to reach 7% thanks in particular to agriculture, manufacturing (6.8%), mining (3.8%), energy (17.2%), transport (8.2%), telecommunications (6.9%), and trade (8.4%).
Following the budget trend, the Ivorian economy also grew. According to the government, this upward trend is the result of the “improved business climate.” Côte d’Ivoire has moved up to 110th place in the world in the Doing Business ranking, after gaining 17 points in 2018 and 12 in 2019. The British think tank Legatum Institute reported that between 2011 and 2021, Côte d’Ivoire was the country with the highest growth in prosperity in the world. In addition, IMF figures indicate that between 2013 and 2019, the country recorded an average growth of 7.8%, making it one of the fastest-growing economies in the world.
Although the macroeconomic indicators are green, many challenges remain on the microeconomic level. Poverty has dropped in the country from 46.3% in 2015 to 39.4% in 2020 (World Bank) but the number of poor people has increased in rural areas (up 2.4% in 2015-2020). The Covid-19 and its fallouts, including the loss of jobs and the increase in the cost of living, have further deteriorated the situation.
Côte d’Ivoire is the leading power in the WAEMU. The country contributes more than a third of the Union’s GDP and more than 40% of exports, according to official data.
Jean-Marc Gogbeu, intern
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