Togo Economic Update: Building Resilience in 2024
The Togo Economic Outlook report of September 2024 outlines economic resilience, growth forecasts, and the impact of climate change on agriculture. It projects growth stabilization at 5.4% in 2024-2025, rising to 5.8% in 2026. Key priorities include agricultural productivity, private sector mobilization, and enhanced access to services for vulnerable populations.
The Togo Economic Outlook report released in September 2024 provides insights into recent economic developments and the prospects for growth and poverty alleviation in Togo. It highlights the primary risks and priorities for enhancing structural transformation and building resilience among vulnerable groups. An essential focus is the detrimental impact of climate change on agriculture and the potential benefits of expanding agroforestry systems to bolster food security and reduce greenhouse gas emissions for smallholder farmers.
The report details that Togo’s economic activity has shown resilience in recent years, supported by various reforms and fiscal measures, which are transitioning towards a consolidation strategy. Despite a challenging international environment, growth forecasts remain strong, expected to stabilize at approximately 5.4% in 2024-2025, with a potential increase to 5.8% by 2026 thanks to private investment, decreased inflation, and a rebound in global demand.
Furthermore, Togo’s economic growth potential significantly hinges on the speed of ongoing reforms. By 2030, growth could stabilize between 5.5% and 6%, provided ambitious reforms are enacted to enhance agricultural productivity, promote private sector involvement in key sectors, and invest in human capital.
It is imperative to develop a more resilient and productive agricultural sector to achieve structural transformation and ensure food security in the context of climate challenges. Creating greater economic opportunities and improving access to essential services for vulnerable groups are vital to diminishing socioeconomic inequalities and fostering development.
In conclusion, the Togo Economic Outlook underscores the significance of implementing reforms to stimulate economic growth and support vulnerable populations. With a projected growth trajectory of 5.4% to 5.8% in the coming years, the emphasis on strengthening agriculture and enhancing access to services is crucial for sustainable development and resilience against climate change. Empowering smallholder farmers through agroforestry presents a promising avenue for improving food security and reducing emissions.
Original Source: reliefweb.int
