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PESA Editorial on Madagascar: 1H2022/23

Madagascar’s economy has begun recovering from the shock caused by the COVID-19 pandemic. Real GDP growth is projected to increase from an annual average of 0.3% for 2019 to 2021, to 5.1% in 2022. Inflation is projected to increase from an annual average of 5.2% for 2019 to 2021, to 8.8% in 2022. The elevated inflation is caused by the sanctions against Russia which have increased the price of crucial imports. In the medium-term period from 2023 to 2025, real GDP growth is projected to increase to an annual average of 5.2%. Meanwhile, inflation is projected to decrease to an average of 6.5% over the medium-term from 2023 to 2025.