GTCO Financial Results

Macro-economic Review and Outlook Global West Africa East Africa After rebounding to an estimated growth of 5.5% in 2021, Global economic growth is projected to slow down to 4.1% in 2022 on the back of lingering supply chain bottlenecks and decelerating fiscal support. The downside to this projection includes possible escalation of the Russia- Ukraine war and the resulting economic and humanitarian crisis amidst prolonged violence in Europe. Real GDP is projected to grow by 4.4% in 2022, which represents a 50 bps increase from 3.9% growth recorded in 2021. Although most countries in the region are expected to witness divergent recovery paths, the interplay of resurging commodities prices, tourism as well as rising food inflation and increase in general price levels, is projected to be net positive for economic growth in the region. The East African region is projected to grow by 4.9% in 2022, consolidating on the positives recorded in 2021; the region is expected to have grown by 4.1% in 2021. Despite the political fragility in some countries in the region, increasing poverty and limited economic diversification efforts, the region is expected to welcome more tourists in 2022. 40 07

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