See also:
» 29.09.2010 - Tourism sector spurs new Cape Verde growth
» 24.07.2009 - Cape Verde announces new measures to combat economic crisis
» 09.10.2008 - African property boom drying up
» 16.03.2007 - Tourism boom fuels Cape Verde economy
» 10.11.2006 - Not wanted: rich, African nations
» 12.09.2005 - Cape Verde debates on "euroisation" of economy
» 29.03.2005 - Stronger economic growth in Cape Verde
» 26.01.2005 - World Bank impressed by Cape Verde growth

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Cape Verde
Economy - Development

IMF foresees slower growth rate for Cape Verde

afrol News / A Semana, 15 September - The International Monetary Fund (IMF) has revised its economic growth forecasts for Cape Verde for 2006 and 2007. The new projections foresee lower levels of growth than previously calculated.

In its Autumn World Economic Outlook, the IMF announces that Cape Verde is not expected to grow as much as had been predicted this year. The downward revision is related to the energy crisis that engulfed the country, and particularly the city of Praia, this year, forcing practically all economic sectors to operate far below capacity.

In the new report, the IMF predicts that Cape Verde's economy will grow by 5.5 percent this year, down from the 7 prcent it had forecast in April in its Spring World Economic Outlook. In 2005, the Cape Verdean economy grew by 6.4 percent, according to data from the Bank of Cape Verde.

The IMF's economic forecasts for Cape Verde in 2007 were also revised downward, from 6.5 percent to 6 percent.

In line with this predicted slowdown in the rate of economic growth, the IMF also believes that Cape Verde will see an increase in its foreign debt.

The international financial institution forecasts that the inflation rate for 2006 will stand at 6.2 percent, and has also predicted a reduction in prices for 2007, a prediction that mirrors forecasts by local economic agents as well.

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