Senegal Economic Update, December 2014 : Learning from the Past for a Better Future

Gross domestic product (GDP) growth was a disappointing 3.5 percent in 2013. It remained largely unchanged compared to 2012, reflecting a decline in cereal production and stagnation in the industrial sector. Services continue to drive the economy. The economic outlook for 2014 was more positive, but poor rainfall and the Ebola outbreak have forced downward revisions in GDP growth projections, now expected to reach 4.5 percent. The plan Senegal emergent aims to break with this trend, with a welcome focus on higher economic growth. However, its ambitions may exceed available resources and will likely depend on accelerated reforms and a strong private sector response. This first economic update begins with an overview of the macroeconomic situation in Senegal, starting with a review of 2013 before examining the initial results of 2014. After a brief look at the challenges posed by unemployment and poverty, the report turns to an assessment of the growth strategy. It presents analysis of past performance since 1990 in order to understand better what needs to be done differently. The report concludes with a few recommendations.

Bibliographic Details

Main Author:	World Bank Group
Language:	English en_US
Published:	Washington, DC 2014-12
Subjects:	ACCESS TO FINANCING, ACCOUNTING, ADVERSE EFFECTS, AGRICULTURAL PRODUCTION, AGRICULTURE, ALTERNATIVE INVESTMENTS, ARREARS, BALANCE OF PAYMENTS, BANK CREDIT, BANK LIQUIDITY, BANKING SECTOR, BENEFICIARIES, BENEFIT ANALYSIS, BUDGET DEFICIT, BUDGET EXECUTION, BUSINESS CLIMATE, BUSINESS ENVIRONMENT, CAPITAL ACCUMULATION, CAPITAL FORMATION, CAPITAL STOCK, CASH FLOW, CENTRAL BANK, CLIMATE CHANGE, CLIMATIC CONDITIONS, COAL, COMMERCIAL BANKS, COMPETITIVE BIDDING, COMPETITIVENESS, CONSUMERS, COST-BENEFIT ANALYSIS, CREDIT RISK, CROP LOSS, CURRENT ACCOUNT BALANCE, CURRENT ACCOUNT DEFICIT, DAMAGES, DEBT, DEBT RATIOS, DEBT RELIEF, DEBT SERVICE, DEBT SERVICE RATIO, DEBT SERVICES, DEFICITS, DEFORESTATION, DEVALUATION, DEVELOPMENT BANK, DEVELOPMENT PROJECTS, DOMESTIC COMPETITION, DOMESTIC MARKET, DOMESTIC PRICES, ECONOMIC ACTIVITY, ECONOMIC ANALYSIS, ECONOMIC DEVELOPMENTS, ECONOMIC EFFECTS, ECONOMIC GROWTH, ECONOMIC OUTLOOK, ECONOMIC PERFORMANCE, EMERGING ECONOMY, EMERGING MARKETS, ENVIRONMENTAL, EQUILIBRIUM, EQUIPMENT, EUROBOND, EXCHANGE RATE, EXPENDITURE, EXPENDITURES, EXPORT MARKET, EXPORT PERFORMANCE, EXPORT SECTOR, EXPORTERS, EXPORTS, EXTERNAL DEBT, EXTERNAL FINANCING, EXTERNAL SHOCKS, EXTREME POVERTY, FACTORS OF PRODUCTION, FINANCIAL CRISIS, FINANCIAL RESOURCES, FINANCIAL SERVICES, FISCAL CONSOLIDATION, FISCAL DEFICIT, FISCAL FRAMEWORK, FISCAL MANAGEMENT, FISCAL POLICY, FISH, FISHERIES, FISHING, FIXED CAPITAL, FOOD PRICES, FORECASTS, FOREIGN BUYERS, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE RESERVES, FORESTRY, FRAUD, GDP PER CAPITA, GLOBAL ECONOMY, GOOD GOVERNANCE, GOVERNMENT EXPENDITURES, GOVERNMENT PRIORITIES, GOVERNMENT REVENUE, GOVERNMENT SPENDING, GOVERNMENT SUPPORT, GROSS FIXED CAPITAL FORMATION, GROWTH POTENTIAL, GROWTH PROJECTIONS, GROWTH RATE, GROWTH RATES, HUMAN CAPITAL, IMPLICIT SUBSIDIES, INCOME TAX, INFLATION, INFLATION RATE, INFLATIONARY PRESSURE, INFRASTRUCTURE DEVELOPMENT, INTEREST RATE, INTEREST RATES, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL MARKET, INTERNATIONAL FINANCIAL MARKETS, INVENTORIES, INVENTORY, INVESTING, INVESTMENT CLIMATE, INVESTOR PROTECTION, JOB CREATION, LABOR FORCE, LABOR MARKET, LAND DEGRADATION, LAND REFORM, LEGAL RECOURSE, LENDERS, LIVING STANDARDS, LOAN, LOCAL MARKET, MACROECONOMIC FRAMEWORK, MACROECONOMIC INDICATORS, MACROECONOMIC STABILITY, MACROECONOMICS, MATURITY, MICROFINANCE, MIDDLE INCOME COUNTRIES, MISMANAGEMENT, MOBILE PHONES, MONETARY POLICY, MONEY SUPPLY, MONOPOLIES, NET EXPORTS, NON-PERFORMING LOANS, OIL, OPEN MARKET, OPEN MARKET OPERATIONS, OPPORTUNITY COST, OUTPUT, PARTIAL RISK, PERSONAL INCOME, PERSONAL TAX RATES, PLEDGES, POLICY MAKERS, POPULATION GROWTH, PORTFOLIO, PORTFOLIO INVESTMENT, POSITIVE EFFECTS, POVERTY REDUCTION, POWER PARITY, PRICE CONTROLS, PRICE INCREASES, PRIVATE CONSUMPTION, PRIVATE INVESTMENT, PRIVATE INVESTORS, PRIVATE SECTOR, PRIVATE SECTOR DEVELOPMENT, PRIVATE SECTOR RESPONSE, PRODUCERS, PRODUCTION COSTS, PRODUCTIVITY, PUBLIC DEBT, PUBLIC EXPENDITURES, PUBLIC INVESTMENT, PUBLIC INVESTMENTS, PUBLIC SECTOR, PUBLIC SPENDING, PUBLIC-PRIVATE PARTNERSHIPS, PURCHASING POWER, RAPID EXPANSION, RATE OF GROWTH, REAL ESTATE, REAL EXCHANGE RATE, REAL GDP, RED TAPE, REFORM PROGRAM, REGULATORY FRAMEWORK, REMITTANCES, RESERVES, RETURN, RISK FACTORS, RISK MANAGEMENT, SAVINGS, SECTOR MINISTRY, SEED CAPITAL, SETTLEMENT, SMALL ENTERPRISES, SOCIAL DEVELOPMENT, SOCIAL PROTECTION, STREAMS, SUSTAINABLE DEVELOPMENT, TAX, TAX CODE, TAX COLLECTION, TAX RATES, TAX REVENUES, TAXATION, TELECOMMUNICATIONS, TERMS OF TRADE, TOTAL EXPENDITURES, TOTAL FACTOR PRODUCTIVITY, TOTAL REVENUE, TRACK RECORD, TRANSPARENCY, UNEMPLOYMENT, UNEMPLOYMENT RATE, UNFAIR COMPETITION, URBAN DEVELOPMENT, URBANIZATION, VALUATIONS, VALUE OF EXPORTS, WAGES, WORLD DEVELOPMENT INDICATORS,
Online Access:	http://documents.worldbank.org/curated/en/2014/12/23988357/senegal-economic-update-learning-past-better-future https://hdl.handle.net/10986/21504
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