Aerial view of N’Djamena. © Arne Hoel, World Bank
N’DJAMENA, Chad, July 11, 2023-/African Media Agency(AMA)/-Chad experienced modest GDP growth in 2022 as floods and an unstable security environment hampered recovery awaited indicates the World Bank in a report published on the occasion of the third edition of the ” Knowledge Week, a report dissemination workshop on key growth and development issues in Chad.
After a contraction of 1.2% in 2021 (-4.3% per capita), the Chadian economy was expected to recover in 2022 thanks to high oil prices, increased oil production and the depreciation of the rate. FCFA/USD exchange rate. However, the recovery was slowed by floods and a volatile security environment, with GDP growth estimated at 2.2% (-0.9% per capita), and non-oil GDP growth at 1.3%, against 0.4% in 2021. Industry (mainly the oil sector) was the main contributor to growth (4.1 percentage points), followed by agriculture with a contribution of 0.6 percentage point, due to inadequate rainfall distribution and severe flooding.
The week of knowledge entitled ” Helping Chad be resilient to climate shocks aims to fuel public debate on recent economic developments and prospects for macroeconomic and social policies in favor of growth and poverty reduction.
“The theme of this week of knowledge is in perfect harmony with the country engagement note drawn up to support Chad during this pivotal period it is going through. And these two reports coincide with the joint efforts led by the World Bank and the government on the issues of poverty alleviation and climate change as well as investments for inclusive growth”explain Rasit Pertev, World Bank Resident Representative for Chad.
During this event, the Bank will present two new reports:
The 2023 edition of the Note on the Economic Situation in Chad and whose objective is to promote public debate on the main recent developments and perspectives in terms of macroeconomic and social policies in favor of growth and poverty reduction.
The launch of the report entitled Promoting Shared Prosperity in Chad. This report provides an up-to-date account of progress towards the World Bank Group’s twin goals of ending extreme poverty and promoting shared prosperity and offers the most relevant solutions to address them. It was finalized in 2022.
These two reports highlight the dual climate and security challenges facing Chad. “The implementation of targeted policy reforms will be essential to strengthen Chad’s ability to adapt to floods and reduce its impact”, noted Claudia Noumedem Temgoua, Country Economist at the World Bank and coordinator of the “knowledge week”.
Distributed by African Media Agency (AMA) for World Bank.
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Source : African Media Agency (AMA)