ECOWAS launches first Regional Economic Outlook Report to address socio-economic challenges
The Economic Community of West African States (ECOWAS) has published the first-ever edition of the ECOWAS Regional Economic Outlook (EREO), a report that analyses the factors hindering socio-economic development in member states and outlines measures to mitigate these challenges.
The 2023 edition, themed “Review of Regional Economic Dynamics in the Face of Political Instability and Security Threats,” provides a comprehensive insight into the effects of peace, security, and global events on economic growth and sustainable development in the sub-region.
Divided into three key chapters, the report focuses on specific socio-economic challenges affecting ECOWAS member states. It was formally presented to the President of the ECOWAS Commission, Dr. Omar Alieu Touray, by the ECOWAS Commissioner for Economic Affairs and Agriculture, Madam Massandje Toure-Litse.
Key insights from the report
Beyond addressing general regional challenges, the EREO also provides an in-depth analysis of country-specific issues that impact socio-economic growth and sustainable development.
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The first chapter examines recent global events, including the COVID-19 pandemic and the Russia-Ukraine war, highlighting their effects on inflation and monetary policies in ECOWAS countries.
The second chapter assesses economic performance and future prospects, offering policymakers, economists, and stakeholders a clearer understanding of member states' economies.
The third chapter focuses on the impact of peace and security on economic growth, highlighting how political instability and security threats affect sustainable development in the region.
Valuable tool for policymakers
Receiving the report, Dr. Touray described the EREO as an essential resource for policymakers, businesses, and economists, offering insights into economic performance, risks, and growth potential within ECOWAS.
"Over the years, ECOWAS has grown from an intergovernmental organisation (ECOWAS of States) to a dynamic and vibrant economic community, fostering integration, trade, and collaboration among the diverse member states (ECOWAS of the People)," he noted.
He encouraged stakeholders to use the report as a springboard for dialogue, collaboration, and further research to address economic challenges and unlock ECOWAS' vast potential.
Comprehensive economic analysis
Madam Toure-Litse described the report as a thorough and insightful document that sheds light on socio-economic challenges and opportunities within the sub-region.
"It also represents a collective endeavour to provide a comprehensive analysis of recent developments, economic and social performances, as well as peace and security in the ECOWAS region," she stated.
She expressed hope that the report would provide guidelines and solutions to some of the pressing challenges confronting ECOWAS member states.
With this landmark publication, ECOWAS aims to strengthen economic resilience, improve governance, and foster collaboration among its member states for sustainable development and regional stability.
