Côte d’Ivoire, the world’s leading cocoa and cashew producer, is experiencing one of the fastest sustained economic growth rates in Sub-Saharan Africa in over a decade. With real GDP growth averaging 8.2% between 2012-2019, Côte d’Ivoire successfully contained the COVID-19 pandemic and maintained a 2% rate in 2020. In 2021, the country returned to its high-growth trajectory and continues to play a central role as a regional economic hub and host country for many nationals from the Economic Community of West African States (ECOWAS) and elsewhere.

In 2022, Ivorian economic activity remained robust, despite facing challenges arising from Russia's invasion of Ukraine, global monetary tightening, and growing political instability in the West African Economic and Monetary Union (WAEMU). Despite rising import prices, rising global and domestic interest rates, and declining external demand, economic growth is forecast to fall from 7% in 2021 to 6.7% in 2022. Growth was largely driven by sustained public investment and strong domestic consumption. Industrial and service sectors and the government's fiscal measures to control price rises also contributed to this economic performance in the first half of the year. 

Inflation averaged 5.2% in 2022, marking its highest level in a decade, driven by rising food, transport and energy prices. Nevertheless, the short- and medium-term economic outlook remains positive, albeit slightly below pre-COVID-19 levels. This optimism is underpinned by a strong commitment to macroeconomic stability and ongoing structural reforms in line with the National Development Plan (NDP 2021-2025). Real GDP growth is expected to average 6.5% in 2024-25. Continued investment in network infrastructure, particularly in the digital and transport sectors, and the exploitation of recent oil discoveries, combined with prudent macroeconomic policies, should boost business confidence and boost productivity. Projects to develop value chains have the potential to improve agricultural productivity and boost manufacturing, underpinning long-term growth prospects.

Source:  World Bank, Cote d'Ivoire Country Overview