West African Economic and Monetary Union:Staff Report on Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the West African Economic and Monetary Union

Staff Report on Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the West African Economic and Monetary Union

Volume/Issue: Volume 2021 Issue 049

Publication date: March 2021

ISBN: 9781513570983

$18.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Investments and Securities-General , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , WAEMU region , GDP series , IMF definition , GDP ratio , policy dialogue , executive board discussion , gradual fiscal consolidation , COVID-19 , Government debt management , Credit , Securities , West Africa , Sub-Saharan Africa

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Summary

After almost a decade of strong growth, the WAEMU region is facing severe challenges from a triple crisis impacting the health, economic and security situations. Both fiscal and monetary policies were relaxed significantly in 2020 to contain the pandemic and support the economy. A gradual fiscal consolidation is expected to start in 2021 and bring back the aggregate fiscal deficit towards the 3 percent of GDP regional ceiling within three years. Growth is expected to recover swiftly in 2021–22 to pre-crisis levels, but the economic outlook is still uncertain.