(Senegal) – In the midst of global economic challenges, Senegal emerges as a shining example of resilience and growth on the African continent. The International Monetary Fund (IMF) forecasts Senegal’s economy to achieve a remarkable growth rate of 10.6% in 2024, positioning the country as one of the fastest-growing economies worldwide.
Senegal’s exceptional economic performance is primarily driven by significant offshore oil and gas discoveries. The Greater Tortue Ahmeyim gas project, located off the coast and shared with Mauritania, is set to commence production by the end of the year. Initial estimates project the production of 2.5 million tonnes of liquefied natural gas in the first phase, with subsequent phases anticipating a surge to 5 million tonnes.
Diverse Economic Drivers
Beyond the energy sector, Senegal’s dynamic banking sector has long played a crucial role in driving economic growth. With the second-largest banking sector in the West African Economic and Monetary Union (WAEMU), Senegal has demonstrated financial stability. In 2021, the services sector, encompassing financial services, real estate, and telecommunications, contributed significantly to GDP, accounting for 49.6%.
Senegal’s strategic development plan, the Plan Sénégal Emergent, implemented from 2014 to 2035, has paved the way for progress in electrification, transportation, infrastructure, and various sectors. The country’s economic trajectory is further reinforced by prudent macroeconomic policies and steadfast structural reforms supported by the IMF.
Future Outlook
With growth projected to accelerate to 10.6% in 2024 and 7.4% in 2025, Senegal’s economic prospects remain robust. The production of oil and gas is expected to provide a substantial boost for the coming years, and a new fiscal rule ensures responsible management of additional revenues, guiding the country’s transition to renewable energy sources. Senegal stands as a testament to economic resilience and strategic planning, charting a remarkable course of growth amid challenging global circumstances.
