Economic Outline

Economic Indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

After being impacted by the lockdown measures and the collapse of trade, Togo’s economic activity recovered in 2021, with GDP growing by 5.3%. Economic growth remained resilient in 2022 (5.4%) despite the challenging context brought by Russia’s invasion of Ukraine. According to IMF estimates, GDP growth is expected to further accelerate to 6.2% in 2023 and 6.5% in 2024, driven by agriculture, phosphate exports, and port traffic.

In 2022, Togo’s economic recovery was slowed down by the impact of the war in Ukraine. Inflation soared from 4.3% in 2021 to 5.6% in 2022, due to rising food and energy prices (IMF). About 40% of Togo’s wheat imports come from Russia (AfDB). According to IMF forecasts, inflation should decrease to 2.1% in 2023 and 2% in 2024, thanks to declining global food and energy prices as well as moderately stronger regional food production. Measures put in place to tackle rising living costs and to address security concerns lead to the postponement of fiscal consolidation efforts. Fiscal deficit remained high at -6.1% GDP (compared to -6% in 2021) and it is expected to gradually decrease to -4.6% GDP in 2023 and -3.4% GDP in 2024 (IMF). Public debt increased from 63.7% GDP in 2021 to 66.1% GDP in 2022, and it is forecasted to slightly decrease to 65.4% GDP in 2023 and 63.4% GDP in 2024 as fiscal consolidation efforts are resumed (IMF). The authorities are pursuing the implementation of the Togo Roadmap 2020-2025, which focuses on strengthening social inclusion and harmony and consolidated peace, boosting job creation by strengthening the economy, and modernizing and strengthening the State’s administrative structures (World Bank). Committed to structural reforms, the country has also expressed its continued interest in an Extended Credit Facility (ECF) program from the IMF

In 2021, the unemployment rate in the country was at 4.2% (World Bank, ILO estimate). The poverty level (45.5% before the pandemic) is twice as high in rural areas (58.8%) than in urban areas (26.5%) and only 46.9% of the population has access to electricity (World Bank).

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