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Despite sanctions imposed on it by the Economic Community of West African States (ECOWAS), high food inflation, climate shocks and parasite infestations that affected cotton production, Malis economy has shown resilience.
This is according to the World Banks 2023 Economic Update for Mali.
The Economic Update entitled "Strengthening Financial Resilience of Pastoralists to Drought" says GDP growth is estimated at 1.8%, driven by the recovery of food agriculture and the resilience of the gold and telecommunications sectors.
Average annual inflation increased to 9.7% in 2022, owing primarily to rising food prices,
In terms of projections, the report notes that the outlook for 2023 is fraught with risks associated with the electoral timetable and tighter financial conditions.
Mali faces significant risks, but could be offset by targeted financing
The rising cost of financing on the regional market, given Malis high gross domestic financing needs, is a significant risk that has emerged in the past 12 months.
Tighter monetary policy has resulted in higher yields for six to 12-month Treasury bills and five-year Treasury bonds for West African Economic and Monetary Union (WAEMU) countries. |
