Senegal’s economy and gross domestic product (GDP) are set to grow in 2024 driven by the exploitation and monetization of hydrocarbon resources, a new World Bank report has stated. Senegal is set to record a 9.9 percent growth in its economy in 2024 owing to strong industrial production which will be driven by the oil and gas sector and other factors including a favourable institutional environment, optimal use of public-private sector partnerships to finance projects, increased foreign direct investments in energy projects and a reduction in global commodity prices, states the World Bank’s Senegal Economic Update.

Keiko Miwa, World Bank Country Director in the MSGBC region, stated “The country’s growth remains resilient despite multiple crises, and the macroeconomic outlook is favourable. However, this growth needs to be more inclusive, given the inflation in 2022.”

The projection follows a slowdown in Senegal’s GDP growth to 4.2 percent in 2022 from 6.5 percent in 2021 due to rising world commodity prices and high inflation which increased the government’s borrowing and public debt.