Côte d'Ivoire’s economy has shown strong growth and resilience despite global challenges, according to the World Bank’s latest economic update. The report, titled “Tax Revenue Mobilization: A Catalyst for Productivity and Economic Transformation,” reviews recent progress in the country’s economy and examines ongoing tax reforms and their possible impact on development.
In 2024, Côte d'Ivoire recorded a 6% economic growth rate, surpassing both the global average of 2.8% and the regional average of 3.2%. Growth was supported by private investment, a dynamic services sector, and inflation kept at 3.5%. The fiscal deficit improved from 5.2% in 2023 to 4% in 2024, while public debt remained stable at around 60% of GDP.
The report notes that poverty rates have declined but highlights that reaching the government’s goal of reducing poverty from 36.5% to 20% by 2030 will require more inclusive growth strategies. These strategies should focus on productivity, job creation, and stronger tax revenue mobilization.
“Côte d'Ivoire has a unique opportunity to turn its recent successes into more inclusive, productive and resilient growth. To achieve this, the mobilization of tax resources is essential to finance public services, infrastructure and investments in human capital, which are key to achieving upper-middle-income status,” said Marie-Chantal Uwanyiligira, Division Director of the World Bank for Côte d'Ivoire, Benin, Guinea and Togo.
Between 2019 and 2024, Côte d’Ivoire increased its tax-to-GDP ratio from 11.9% to about 14%, one of the highest increases in West Africa. Despite this progress, it remains below targets set by both WAEMU (20%) and international standards for countries at similar stages of development (21.7%).
The World Bank report suggests that if Côte d’Ivoire can raise its tax mobilization above 15% of GDP, annual economic growth could increase by one or two percentage points—potentially maintaining an average growth rate between seven and eight percent per year over the next decade. This would provide funding for critical sectors such as education, health care, infrastructure development, and social programs.
Looking ahead through 2027, forecasts predict continued favorable conditions with expected growth rates rising to an average of 6.4%, mainly driven by hydrocarbons production as well as expansion in services and private investment sectors. However, risks remain due to geopolitical instability in the region as well as challenges related to climate change impacts or changes in external aid flows.
The report emphasizes transforming Côte d’Ivoire's current economic model toward greater productivity gains through investments in human capital formation; promoting private sector activity; and improving efficiency within its taxation system for a more inclusive—and sustainable—future.
The publication is part of a biannual series produced by the World Bank examining macroeconomic trends in Côte d’Ivoire with contributions from economists specializing in governance issues along with experts on poverty reduction strategies and private sector development.