Despite persistent shocks since the COVID-19 pandemic, Togo’s economy has demonstrated resilience, recording an average growth rate of 6.1% between 2021 and 2023, partly supported by fiscal stimulus measures. However, high inflation and disparities in economic opportunities between rural and urban areas continue to hinder progress in reducing poverty and inequality.
After posting a GDP growth rate of 5.3% in 2024, the economy is projected to slow to around 5.1% in 2025, due to fiscal consolidation efforts, weak global demand, and regional uncertainties. The fiscal deficit is expected to decrease from 6.1% of GDP in 2024 (4.5% excluding the recapitalization of the Union Togolaise de Banque [UTB]) to 3% in 2025, thanks to improved revenue mobilization and reduced public spending, particularly capital expenditures. The impact of fiscal consolidation on economic activity is expected to be partially offset by a rebound in consumption, supported by declining inflation, while private investment is being driven by the development of the Adétikopé Industrial Platform (PIA). On the supply side, although industrial activity shows signs of slowing — notably due to weaker external demand — a relatively strong agricultural season and sustained activity in the services sector have helped support overall economic activity.
Despite a challenging regional and global environment, growth is projected to strengthen to an average of 5.5% in 2026–2027. This modest increase is expected to be driven by ongoing and planned private investment projects, as well as rising consumption as inflation falls below the 3% threshold. In this context, the poverty rate is expected to gradually decline to 20.3% by 2027 (international definition), supported by higher per capita GDP and lower inflation.
Source: World Bank, Togo Country Overview
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