Cote d'Ivoire Economic Outlook
August 25, 2020Covid-19 seemingly hammered the economy in the second quarter as social-distancing measures dented activity in consumer-facing sectors and derailed ongoing infrastructure projects. In addition, severed global supply chains and subdued external demand will have weighed heavily on key oil, cocoa and cotton exports. However, restrictions have been eased gradually since mid-May, with recreational centers being reopened in the capital district and international flights allowed as of 31 July, which should have supported activity at the tail end of Q2 and heading into Q3. Meanwhile, on 7 August, Moody’s confirmed the country’s sovereign credit rating at Ba3 with a stable outlook, largely reflecting the government’s insistence that it would not seek financial aid from private creditors. Thus, the economy escaped a downgrade.
Cote d'Ivoire Economic GrowthThe coronavirus pandemic will deal a heavy blow to the economy this year. Domestic containment measures are set to dent household and capital spending, while disruptions to international trade will weigh heavily on the external sector. Political tensions ahead of the October presidential elections cloud the outlook further. FocusEconomics panelists project GDP to grow 1.7% in 2020, which is unchanged from last month’s forecast. In 2021, the economy is expected to expand 6.9%.
Cote d'Ivoire Economy Data
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Cote d'Ivoire Facts
|Exchange Rate||585.3||-1.11 %||Jan 01|
|Stock Market||0.7||0.0 %||Jan 07|
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