The FY2022 has been special for the Bank in many respects. Indeed, after two years marked by the Covid-19 pandemic, the world has been faced since 24 February 2022 with the outbreak of war in Ukraine and its consequences for economic activity.
As a result, the dynamism of the global economy has been disrupted, with a growth rate of 3.4% in 2022, down from 5.9% in 2021. Conversely, it has experienced a surge in inflation with the overall price level at 8.8%, its highest level in the last ten years.
Despite this difficult international environment, the WAEMU economies have shown resilience with a growth rate of 5.8%, slightly lower than the 2021 rate. In line with inflationary pressures worldwide, inflation in the Union reached a record level of 7.5%, up from 3.6% in 2021.
To support the Union’s economies, the Bank has continued and intensified its investments by providing funding in total amount of XOF547.5 billion. Projects funded are expected to create around 108,630 jobs in areas related to the member countries’ priorities: food security and agribusiness, improved transport infrastructure and digitalization, power supply from renewable sources (especially solar), provision of basic social services (education, health, drinking water, etc.), and support to crop years (cocoa, peanut, etc.).
