Dr. Omar Touray, President of the ECOWAS Commission on Thursday said that debt, currency depreciation, inflation, and other indices have hindered the economy of the subregion’s countries.
He said this in the 2023 Annual State of the Community Report, which he delivered to the ECOWAS Parliament in Abuja.
Touray stated that despite strong economic growth in some member countries, inflation, poor fiscal balances, and increasing public debts have continued to degrade residents’ welfare and way of living.
“The period under review was characterized by the continuation of geo-political conflicts, persistent inflationary pressures, high and rising public debts as well as tightening of monetary policies in most regions.
“In this context, the global economic output growth is expected to slow down to 3.0 per cent in 2023, compared to 3.5 per cent in 2022,” he said.
Touray, on the other hand, predicted that the region’s budget deficit would fall marginally to 5.2 percent of GDP in 2022, down from 5.4 percent.
He attributed this to improved revenue administration and expense management.
Other topics covered in the report include the region’s political stability, peace, and security.
It also examined political transitions in three member countries hit by coups, notably Mali, Guinea, and Burkina Faso, as well as the coup in Niger Republic, terrorism in the Sahel, and elections.
