World Bank forecasts 4.8 per cent economic growth for Madagascar for 2024

Madagascar’s will witness a 4.8 per cent economic growth this year, the World Bank says in its economic outlook for the African country for 2024.

The forecast published this month is relatively more positive compared to 4.5 per cent projected by the ministry of economy and finance of the African country.

According to the ministry, the 4.5 per cent forecast will hinge on vital sectors such as agriculture, tourism, and mineral resources.

The department argues that the expected growth will also leverage the implementation of the new investment law adopted in 2023, the new mining code and the overhaul of the regulatory framework for the telecommunications sector, as well as the revival of investment and the removal of uncertainties thanks to greater visibility of the national context.

The national forecast will not be risk-free, the ministry however stressed. International geopolitical conflicts, new waves of covid-19, a spike in the prices of energy products and food or strict international financial conditions could hamper the projection.

Domestically, the ministry also argues that climatic shocks, and socio-political developments in the context of the 2023 presidential elections might also affect negatively the 2024 outlook.

The country lost since the beginning of the month at least 12 people killed by Tropical Cyclone Alvaro. 9,500 other people have been displaced due to flooding and landslides and are living in temporary shelters.

Re-elected leader Andry Rajoelina has begun a second term following heated elections marred by violence and a low turnout. Most opposition figures called for boycott.