Where is the economic growth of Madagascar? ?
Where is the economic growth of Madagascar? ?
The Malagasy economy has suffered the impact of a third wave of Covid-19, of a series of major tropical storms and the escalation of the conflict in Ukraine, according to what is mentioned in the note on the economic outlook for Madagascar, published yesterday, Wednesday, 01ER June 2022. Where is the economic growth of Madagascar? ?
Blockages of growth potential
Madagascar will first have to face the impact of the crisis in Ukraine on its economy.
“The worsening of the energy crisis in Europe will have a significant effect since the downward revision of the protections of growth of the euro zone alone should reduce the growth of the Big Island”, explains the World Bank.
Beyond cyclical factors, the decline in private investment adds to the factors blocking growth potential.
The Economy of Madagascar must recover
And, in the face of new shocks and uncertainties, the country must undertake bold reforms to accelerate its growth and strengthen its resilience. “It is a necessity to reduce poverty in the years to come”, said the head of World Bank operations, Marie-Chantal Unayiligira.
This financial institution then puts forward avenues that it considers to be a priority.. Starting with the implementation of a clear strategy to accelerate the vaccination of vulnerable people and those in target areas such as urban and tourist areas.
The country must also take strong measures to reduce food insecurity and increase national agricultural production.
The restoration of damaged utilities and connectivity infrastructure is also essential. Just like fuel and electricity pricing reforms.
Also, Madagascar will nevertheless have to hope for a recovery with a growth rate of 4,2% en 2023.
The expected recovery in economic activity will contribute to lowering the poverty rate to 80,2% en 2023.
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