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Madagascar’s economy has had a mixed recovery from the global shocks caused by the COVID-19 pandemic in 2020 and the Russia-Ukraine conflict in 2022. The Central Bank of Madagascar (BFM) does not have an explicit inflation target and its transition to an interest rate targeting regime is still in progress. The Government of Madagascar has followed prudent fiscal policy by raising government spending during economic downturn and decreasing public spending during economic recovery. Madagascar’s external sector has recovered from the global shock caused by the COVID-19 pandemic in 2020 but not benefited from the higher commodity prices in the aftermath of the Russia-Ukraine conflict in 2022. Madagascar held its most recent presidential elections in November 2023. Madagascar's political landscape remains relatively stable. However, the government faces significant challenges in addressing economic difficulties, combating corruption, and improving human rights. Read more accurate and balanced analysis of the political economy in Madagascar here: https://politicaleconomy.org.za/2023/12/pesa-editorial-on-madagascar-1h2023-24/.
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