CFA franc
Despite significant security and political challenges, Mali achieved robust economic growth between 2017 and 2019, averaging 4.9%. The economy rebounded in 2021 with estimated growth of 3.1%, following a 1.2% contraction in 2020 caused by COVID-19 impacts. This recovery consolidated in 2022, with estimated growth of 3.7%, driven by services sector expansion and extractive industries.
Over 2017–2020, Mali maintained inflation below the WAEMU convergence ceiling of 3.0%, declining from 2.4% in 2017 to 1.9% in 2018 and deflation of 3.0% in 2019. Inflation accelerated from 2020 onward, rising from 0.5% in 2020 to above 3.0% in both 2021 and 2022. This acceleration reflects global economic reopening in 2021 and deteriorating international conditions in 2022 following the Ukraine conflict—amplifying commodity and import prices for the landlocked economy.
Mali’s current account position deteriorated significantly in 2021, reaching a deficit of 7.7% of GDP—a 5.5 percentage point decline from 2020. This deterioration was driven by merchandise trade balance weakness and services sector contraction, particularly sharp declines in travel and other service receipts. The current account deficit is projected to improve to 5.6% of GDP in 2022, reflecting stabilization in commodity exports and services.
Mali has implemented comprehensive fiscal sector reforms, particularly in tax administration, aimed at strengthening revenue collection. These reforms have yielded measurable results: the budget deficit-to-GDP ratio improved from 5.5% in 2020 to 4.9% in 2021 and is projected at 5.0% in 2022. While still above the WAEMU convergence criterion of 3.0%, the trajectory signals progress toward fiscal consolidation.
Mali’s public debt-to-GDP ratio has increased substantially, rising 14.4 percentage points between 2017 and 2021 according to IMF estimates. The ratio climbed from 36.0% in 2017 to 46.9% in 2020 and reached 50.4% in 2021, with projections of 51.7% for 2022. This upward trajectory reflects increased financing needs for security and development priorities, though the debt level remains sustainable within WAEMU parameters.
Consistent with other WAEMU economies, Mali has adopted a National Development Framework for 2019–2023 called the Strategic Framework for Economic Recovery and Sustainable Development (CREDD – Cadre Stratégique pour la Relance Economique et le Développement Durable). This strategic instrument is organized around five principal pillars:
