Senegal Economy expected to grow at a record 13.7% by 2023, thanks to boosts in oil and gas exploration
The West African nation of Senegal is expected to achieve double-digit economic growth for the first time from 2023, with an expansion of 13.7% predicted, as oil and gas exploration boosts activity, Senegal’s President Macky Sall said.
“According to our projections, the economic recovery (will) allow us to return to a GDP growth of around 5.2% in 2021,” Sall told an economic forum in Dakar, adding that 2022 growth was seen at 7.2%.
“In 2023, if all conditions are met, for the first time Senegal will achieve double-digit growth projected at 13.7%. This is simply due to the exploitation of oil and gas from 2023,” he said.
Oil was discovered in Senegal in 1961, but reserves big enough for commercial exploitation have been found only in recent years.