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IMF reaffirms 3% growth rate for Cape Verde in 2014 18 Abril 2015

Following an initial projection during its last mission to Cape Verde, the International Monetary Fund reaffirmed, in its World Economic Outlook, that Cape Verde’s economy is believed to have grown 3% in 2014. The figure is expected to increase to 4% between 2016 and 2020.

IMF reaffirms 3% growth rate for Cape Verde in 2014

In the report, which was made public this week, the IMF revealed that its projections for Cape Verde are below the average Gross Domestic Product growth rate for sub-Saharan Africa, projected to stand at 6.6% in 2015 and 7% in 2016.

Cape Verde also shows the lowest GDP growth rate among the five African Portuguese-language countries, after Mozambique (projected to be 6.5% in 2015 and 8.1% in 2016), São Tomé and Príncipe (5% and 5.3%), Guinea Bissau (4.5% and 4%) and Angola (4.5% and 3.9%).

In the Community of Portuguese-Language Countries (CPLP), the only country with a lower GDP growth projection Cape Verde is Portugal, with 1.6% for 2015 and 1.5% for 2016), while Cape Verde lags far behind Brazil (8% and 5.4%) and East Timor (6.8% and 6.9%).

According to the IMF outlook for this year, the deficit will also worsen, from 9.1% of GDP in 2014 to 9.6% this year and 10.6% in 2016.

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