Macroeconomic Resilience in Benin and Togo

The document compares the macroeconomic resilience of Benin and Togo from 2000 to 2020, finding that Benin's economy was more volatile due to greater global integration, while Togo's performance was shielded by phosphate exports. Benin demonstrated more consistent counter-cyclical fiscal policy, whereas Togo's government spending tended to be procyclical during national crises. The brief recommends that Benin reduce its debt-to-GDP ratio and expand its tax base, while Togo should implement governance reforms and monitor inflation more closely.

• Benin's economic performance exhibited higher volatility than Togo's because it was more exposed to regional and global shocks due to its higher level of integration with the global and regional economy.
• Togo's economic resilience was bolstered by its phosphate exports, which enabled the use of counter-cyclical policies to mitigate the impact of shocks.
• Benin implemented responsible and counter-cyclical fiscal policies during crises, increasing government spending to offset negative effects, whereas Togo's government spending was typically procyclical during national crises.
• Benin's gross debt was 52% of GDP in 2023, which is considered low for the region, although the debt stock has increased steadily since 2007 and accelerated during the pandemic.
• Togo experienced significant inflation reaching 7.6% in 2022, following expansionary monetary policy implemented during the COVID-19 crisis.

APA

South African Institute of International Affairs (2024). Macroeconomic Resilience in Benin and Togo. https://saiia.org.za/research/macroeconomic-resilience-in-benin-and-togo/

Chicago

South African Institute of International Affairs. Macroeconomic Resilience in Benin and Togo. 2024. https://saiia.org.za/research/macroeconomic-resilience-in-benin-and-togo/.

Wikipedia

{{cite report |author=South African Institute of International Affairs |title=Macroeconomic Resilience in Benin and Togo |date=8 February 2024 |url=https://saiia.org.za/research/macroeconomic-resilience-in-benin-and-togo/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{southafricaninstituteofinternationalaffairs2024macroeconomic, author = {{South African Institute of International Affairs}}, title = {{Macroeconomic Resilience in Benin and Togo}}, institution = {South African Institute of International Affairs}, year = {2024}, month = feb, url = {https://saiia.org.za/research/macroeconomic-resilience-in-benin-and-togo/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }