Burkina Faso, 2021 April Economic Update : Protecting the Poor During the Recovery and Beyond
According to latest estimates, the economy grew by 2.0 percent in 2020, 4 percentage points less than projected before the onset of COVID-19 (coronavirus). The primary sector grew by 5.2 percent, supported by strong performances of subsistence crop...
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/667441623270219232/Burkina-Faso-Protecting-the-Poor-During-the-Recovery-and-Beyond http://hdl.handle.net/10986/35735 |
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okr-10986-357352021-06-11T05:11:45Z Burkina Faso, 2021 April Economic Update : Protecting the Poor During the Recovery and Beyond World Bank ECONOMIC GROWTH ECONOMIC OUTLOOK RISKS CORONAVIRUS COVID-19 PANDEMIC IMPACT PUBLIC FINANCIAL MANAGEMENT FISCAL TRENDS DEBT SUSTAINABILITY POVERTY SOCIAL ASSISTANCE SOCIAL PROTECTION SYSTEM EMERGENCY RESPONSE According to latest estimates, the economy grew by 2.0 percent in 2020, 4 percentage points less than projected before the onset of COVID-19 (coronavirus). The primary sector grew by 5.2 percent, supported by strong performances of subsistence crops and cotton.. The tertiary sector, the largest component of the economy, contracted by 4.9 percent on account of COVID-19 social distancing measures. Inflation returned to positive territory in 2020 and closed the year above 4 percent. The pandemic had a positive impact on the external sector and a negative impact on the fiscal accounts. In 2020, the trade balance improved by 1.0 percentage point of GDP supported by historically high gold prices and low oil prices. The structurally negative services balance improved by 0.3 percentage points of GDP on account of cheaper electricity imports from neighboring countries. The fiscal deficit as a share of GDP reached 5.2 percent in 2020, an increase from 3.2 percent in 2019. Public debt stood at 47.6 percent of GDP by end-2020. Although many impacts of the COVID-19 shock persist, the economy is projected to continue its recovery in 2021. On the demand side, the recovery is supported by consumption and private investment. With security, humanitarian, health, and social challenges persistingthroughout the year, the fiscal deficit is projected to remain elevated at 5.2 percent of GDP. As concessional funding is finite and no other funding options are available, the Government will have to resort to more expensive borrowing in the regional market, which will shift the composition of the public debt stock towards a majority share of domestic debt. 2021-06-10T18:31:01Z 2021-06-10T18:31:01Z 2021-04 Report http://documents.worldbank.org/curated/en/667441623270219232/Burkina-Faso-Protecting-the-Poor-During-the-Recovery-and-Beyond http://hdl.handle.net/10986/35735 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Economic Updates and Modeling Africa Africa Western and Central (AFW) Mali |
| repository_type |
Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ECONOMIC GROWTH ECONOMIC OUTLOOK RISKS CORONAVIRUS COVID-19 PANDEMIC IMPACT PUBLIC FINANCIAL MANAGEMENT FISCAL TRENDS DEBT SUSTAINABILITY POVERTY SOCIAL ASSISTANCE SOCIAL PROTECTION SYSTEM EMERGENCY RESPONSE |
| spellingShingle |
ECONOMIC GROWTH ECONOMIC OUTLOOK RISKS CORONAVIRUS COVID-19 PANDEMIC IMPACT PUBLIC FINANCIAL MANAGEMENT FISCAL TRENDS DEBT SUSTAINABILITY POVERTY SOCIAL ASSISTANCE SOCIAL PROTECTION SYSTEM EMERGENCY RESPONSE World Bank Burkina Faso, 2021 April Economic Update : Protecting the Poor During the Recovery and Beyond |
| geographic_facet |
Africa Africa Western and Central (AFW) Mali |
| description |
According to latest estimates, the
economy grew by 2.0 percent in 2020, 4 percentage points
less than projected before the onset of COVID-19
(coronavirus). The primary sector grew by 5.2 percent,
supported by strong performances of subsistence crops and
cotton.. The tertiary sector, the largest component of the
economy, contracted by 4.9 percent on account of COVID-19
social distancing measures. Inflation returned to positive
territory in 2020 and closed the year above 4 percent. The
pandemic had a positive impact on the external sector and a
negative impact on the fiscal accounts. In 2020, the trade
balance improved by 1.0 percentage point of GDP supported by
historically high gold prices and low oil prices. The
structurally negative services balance improved by 0.3
percentage points of GDP on account of cheaper electricity
imports from neighboring countries. The fiscal deficit as a
share of GDP reached 5.2 percent in 2020, an increase from
3.2 percent in 2019. Public debt stood at 47.6 percent of
GDP by end-2020. Although many impacts of the COVID-19 shock
persist, the economy is projected to continue its recovery
in 2021. On the demand side, the recovery is supported by
consumption and private investment. With security,
humanitarian, health, and social challenges
persistingthroughout the year, the fiscal deficit is
projected to remain elevated at 5.2 percent of GDP. As
concessional funding is finite and no other funding options
are available, the Government will have to resort to more
expensive borrowing in the regional market, which will shift
the composition of the public debt stock towards a majority
share of domestic debt. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Burkina Faso, 2021 April Economic Update : Protecting the Poor During the Recovery and Beyond |
| title_short |
Burkina Faso, 2021 April Economic Update : Protecting the Poor During the Recovery and Beyond |
| title_full |
Burkina Faso, 2021 April Economic Update : Protecting the Poor During the Recovery and Beyond |
| title_fullStr |
Burkina Faso, 2021 April Economic Update : Protecting the Poor During the Recovery and Beyond |
| title_full_unstemmed |
Burkina Faso, 2021 April Economic Update : Protecting the Poor During the Recovery and Beyond |
| title_sort |
burkina faso, 2021 april economic update : protecting the poor during the recovery and beyond |
| publisher |
World Bank, Washington, DC |
| publishDate |
2021 |
| url |
http://documents.worldbank.org/curated/en/667441623270219232/Burkina-Faso-Protecting-the-Poor-During-the-Recovery-and-Beyond http://hdl.handle.net/10986/35735 |
| _version_ |
1764483672241602560 |