Highlights

• Over the period of implementation of the Strategy for Accelerated Growth and Employment Promotion (SCAPE, 2013-2017), the average annual growth rate of Togo reached 5.4%. It is estimated at 5.3% in 2019 after 4.9% one year earlier, in a context of controlled inflation with an average annual rate of 0.6% in 2019 compared 0.9% in 2018.  In 2020, Togo would report a growth rate of 1.3% and the inflation rate would reach 2.0%. This slowdown in activity is attributable to the adverse consequences of the COVID-19.
• Pursuant to SCAPE, Togo has adopted a new development framework for the 2018-2022 period: the National Development Plan (PND 2018-2022). The PND intends to consolidate the achievements of SCAPE. It takes into account the residual challenges arising from SCAPE reviews and is in line with regional and international commitments of Togo.
• The budget balance of Togo related to GDP was under the community program of 3.0% over the last three years. It would settle at 9.3% in 2020 against 1.1%, an increase of 8.2 points. The budget deficit should be contained in line with the community standard in 2021, due to the acceleration of growth.
• The current account balance improved gradually over the 2015-2017 period in line with exports diversification and a smaller increase in imports. The current account deficit fell from 11.2 % of GDP in 2015 to 2.0 % of GDP in 2017, a decrease of 9.2 percentage points in 2 years. The current account deficit settled at 2.6 % of GDP in 2019 compared to 3.4% of GDP in 2018. It should increase in 1.7 points in 2020 to settle at 4.3% of GDP.
• The measures taken by the Togolese government since 2017 to reduce the risk of refinancing and the weight of debt service in the budget should make it possible to reduce the debt rate from 81.4 % in 2016 to 70.9% in 2019. This commitment by the Togolese government is in line with the guidelines of the program concluded with the IMF over the 2017-2019 period under the Extended Credit Facility (FEC). In 2020, the debt rate should be under the community standard with a projected rate of 69.1%.