Senegalese Economic Slow But Steady

Macky Sall sworn as new President in Dakar, Senegal

 

 

 

 

 

 

 

Senegal’s economy recovered in 2012 with growth estimated at 3.7% of gross domestic product (GDP), up from 2.1% in 2011. Projected growth for 2013 and 2014 is 4.3% and 5.1% respectively. These projections assume that the government’s socio-economic programme will be implemented along with the Policy Support Instrument (PSI-II) 2010-13 agreed upon with the International Monetary Fund (IMF). The main investment programmes are for road infrastructure, with the continuation of a toll motorway and Blaise Diagne International Airport, as well as energy (electricity distribution).

The National Strategy for Economic and Social Development (SNDES) for 2013-2017 was approved in November 2012. It centres on three areas of action: growth, productivity and wealth creation; human capital and sustainable development; and government, institutions, peace and security. The direction taken by the new administration in the area of good governance should lead to better management of public resources. The implementation of necessary reforms to achieve growth objectives may be made easier by the strong legitimacy of the new ruling team that emerged from the presidential and parliamentary elections in early 2012. However, the opening of the Senegalese economy makes it vulnerable to fluctuations in world  commodity prices and to the economic crisis in Europe and political crisis in neighbouring Mali. There are also internal risks linked to floods and other climatic shocks and to the slowness of the road infrastructure programme and reforms, especially of the energy sector.

Recent studies indicate that from 1980 to 2009, labour migration was from the primary and secondary sectors to the urban informal sector. But the structural transformation of Senegal’s economy remains slow. About 60% of the working population still depends on agriculture. Senegal has not become mining-oriented, despite the potential offered by phosphate and gold. Mining and quarrying accounted for less than 1.5% of GDP for the period 2002-11. Reforms to improve the business environment and the quality of human resources arare therefore crucial.

 

( Courtesy African Economic Outlook……Source……New Africa Business News & Our Freelance Economic Contributor )

About the Author
Moses M'Bowe, is the Chief International Correspondent, For New Africa Business News And New Africa Daily News.

Related Posts

  1. True Religion Outlet Store Reply

    Substantially, this publish is really the sweetest on this notable theme. I harmonise together with your conclusions and will thirstily search ahead for your incoming updates. Stating thanks will not just be sufficient, for the phenomenal clarity in your writing. I will directly grab your rss feed to stay knowledgeable of any updates. Admirable perform and much success inside your enterprise dealings! Please excuse my poor English as it’s not my first tongue.

  2. Oakley Aviators Reply

    Hello! I just wanted to ask if you ever have any issues with hackers? My last blog (wordpress) was hacked and I ended up losing months of hard work due to no data backup. Do you have any solutions to prevent hackers?

  3. christian louboutin outlet Reply

    Thank you for your site post. Brown and I have already been saving to get a new guide on this matter and your writing has made us all to save the money. Your ideas really solved all our questions. In fact, in excess of what we had recognized ahead of the time we discovered your superb blog. I no longer have doubts plus a troubled mind because you really attended to each of our needs above. Thanks

  4. True Religion Outlet Online Reply

    I together with my guys have already been checking the great guidelines found on the blog and so quickly I had a horrible feeling I had not expressed respect to the site owner for them. Those women ended up so passionate to read through them and have in effect clearly been making the most of these things. Appreciation for getting considerably accommodating and also for getting some terrific resources most people are really needing to be informed on. Our own honest regret for not expressing gratitude to you sooner.

  5. Cheap Michael Kors Bags Reply

    Pretty part of content. I simply stumbled upon your web site and in accession capital to claim that I get actually enjoyed account your weblog posts. Any way I’ll be subscribing for your augment and even I achievement you get entry to consistently rapidly.

Leave a Reply

*

Africas Best Newspaper