Togo - Reviving the traditional sectors and preparing for the future : an export-led growth strategy - country economic memorandum (Anglais)

Togo is one of the smallest countries in mainland Africa, with an area of 57,000 km2 and a population of 6.5 million, located on the Atlantic coast between Ghana and Benin. It is also one of the poorest countries in the world, with a per capita Gross ...  Voir la suite Togo is one of the smallest countries in mainland Africa, with an area of 57,000 km2 and a population of 6.5 million, located on the Atlantic coast between Ghana and Benin. It is also one of the poorest countries in the world, with a per capita Gross Domestic Product (GDP) of US$400 in 2008, and a ranking of 159 out of 182 countries in the 2009 United Nations Development Program (UNDP) Human Development Index. In 2006, the overall poverty rate was estimated at 62 percent. Togo's economic performance has lagged even relative to other low-income countries. In the 1960s, sound macroeconomic policies and a favorable external environment contributed to strong growth of 5.8 percent per year in GDP per capita. But income per capita stagnated in the 1970s in spite of booming commodity prices, due to the failure of highly interventionist policies. The increased government revenues led to public investment in ill-conceived projects and the expansion of parastatal manufacturing enterprises, protected by high import barriers. When commodity prices fell, expenditures soon outpaced revenues, and the state resorted to rising public debt. During the 1980s, like many other countries in Sub-Saharan Africa, Togo experienced a debt crisis, followed by the need for retrenchment and structural adjustment, and per capita income fell 2 percent per year. The 1990s were characterized by increasing political instability and a large decline in aid. Stabilization and adjustment programs were not implemented consistently, and per capita income edged up by only 0.7 percent per year, not enough to offset the decline of the 1980s. With some improvement in the political situation since 2006, economic reforms have been pursued more vigorously. However, the economic recovery was then delayed by major floods in 2008 and the 2008-09 global economic crises.  Réduire

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