New oil and gas reserves have been found
If the latest forecasts from the World Bank prove true, Senegal’s economy will grow more than any other African nation this year.
“After slowing to 4.8% in 2022, growth in Senegal is projected to jump to 8.0% in 2023 and firm to 10.5% in 2024,” the body predicts.
That’s because huge oil and gas fields have been discovered in the Atlantic Ocean off Senegal’s coast, according to Petroleum and Energies Minister Aïssatou Sophie Gladima.
Analysts also expect to see continued growth in Senegal’s thriving banking sector, as well as in telecommunications and financial services, among others.