In 2020, the Guinean economy achieved one of the strongest growth rates in Africa with a 7% increase in its gross domestic product (GDP), notes the International Monetary Fund (IMF), specifying that this growth spurt Was driven by a growing mining sector that represents around 12 to 15% of the country’s GDP.
The IMF also notes that “despite the implementation of a rapid and well-structured response plan, the epidemic has wreaked havoc on the non-mining economy, representing more than 3/4 of the total GDP and a population of The bulk employs “.
In its forecast for the year 2021, the fund indicates that the mining sector should continue to support overall growth in Guinea-Concery, specifying in its analysis report that “growth should reach 5.2% in 2021, with continued strength” Must be drawn. ” Mining Area ”.
But Guinea warned, coupled with the resurgence of the Ebola epidemic, Kovid-19 will face a double health shock with an increase in cases, which seems fortuitously local and under control.
“In this way, the growth of the non-mining sector should only recover slowly”, notes the IMF, “growth in non-mining growth remains moderate and should not fully recover before 2022”.
Among the recommendations, the IMF suggests that Guinea authorities continue to react against the epidemic, accelerating efforts to support mass populations by accelerating vaccination, supporting vulnerable populations, and economic recovery.
The search for reforms in favor of raising domestic revenue from the mining sector, including recommendations for creating a fiscal space to meet the needs of infrastructure and financial capital development.
The IMF emphasizes reforms aimed at strengthening governance and the business environment, which will promote diversification and ensure a more flexible and inclusive recovery.