Côte d'Ivoire’s economy continues to demonstrate resilience, with a growth rate of 6% in 2024, according to the World Bank’s latest economic update. This figure is notably higher than the global average of 2.8% and the regional average of 3.2%. The country’s performance has been supported by private investment, a dynamic services sector, and inflation kept at 3.5%.
Fiscal management has also improved, as the fiscal deficit decreased from 5.2% in 2023 to 4% in 2024. Public debt remains sustainable at around 60% of GDP. While poverty levels have declined, reaching the national target of reducing poverty from 36.5% to 20% by 2030 will require more inclusive economic growth.
The World Bank report titled “Tax Revenue Mobilization: A Catalyst for Productivity and Economic Transformation” provides an analysis of ongoing tax reforms and their potential impact on development. The report notes that Côte d'Ivoire's tax-to-GDP ratio increased from 11.9% in 2019 to about 14% in 2024—one of the largest improvements recorded in the region. However, this level is still below both the West African Economic and Monetary Union (WAEMU) target of 20%, and the average for comparable countries at approximately 21.7%.
"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.
The report suggests that increasing tax mobilization beyond 15% of GDP could boost annual economic growth by one to two percentage points—potentially sustaining a decade-long period with average growth rates between seven and eight percent per year. Such gains would help fund critical investments in education, health care, infrastructure projects, and social programs.
Looking ahead, medium-term projections remain positive: economic growth is expected to reach 6.2% in 2025 and average around 6.4% through to 2027. Key sectors driving this outlook include hydrocarbons, services, and private investment. However, risks such as geopolitical instability, climate change impacts, trade tensions, and shifts in development assistance persist.
The World Bank emphasizes that transforming Côte d’Ivoire’s growth model—focusing on productivity improvements, human capital development, private sector investment, and efficient taxation—is necessary for building a more inclusive and competitive economy.
The report was produced as part of the World Bank’s biannual series on Côte d’Ivoire’s economic situation; it was led by Djedje Hermann Yohou with input from economists specializing in governance issues as well as poverty reduction strategies.