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Publication | 2024

Benin Economic Update 2024: Adapting to climate change for sustainable, resilient economic growth

  • Growth is projected to stabilize at 6.2% between 2024 and 2026, averaging 3.5% per capita, driven by investment and the expansion of the Glo-Djigbé Industrial Zone (GDIZ).
  • Fiscal consolidation efforts were successful in 2023, thanks to the adoption of innovative tax measures and the containment of spending.
  • Without additional adaptation efforts, climate change is projected to cause increasing economic losses, with average annual GDP losses potentially reaching up to 19% by 2050.
  • With the agricultural sector accounting for a significant share of the economy, it is critical to adapt agricultural practices, restore and protect forests, and invest in water resources.
  • Addressing vulnerabilities in the health system, particularly those exacerbated by climate change, is essential to enhance the resilience of health and education services and protect human capital.
  • Strengthening resilience to urban flooding and investing in resilient transport and digital infrastructure are key to keeping people and markets connected.
  • Benin should prioritize private sector partnerships and financing for climate investments, as the long-term benefits outweigh the costs.