Togo's economy is set to grow 1.7 percent this year, the International Monetary Fund (IMF) said Thursday, revising downwards its earlier projection of three percent.
"Growth in 2009 is expected to be modest, at around 1.7 percent, as the positive impact of the government's economic programme will be partly offset by the effects of the global economic slowdown," the IMF said after its officials conducted a two-week assessment trip to the west African country.Togo's economy "suffered from the impact of high global food and energy prices and severe flooding that damaged road infrastructure, destroyed food crops, and paralyzed commerce," it said in a statement.
Last April, the IMF became one of the first international financiers to resume aid to Togo after a 14-year hiatus.
In 1993, after decades of authoritarian rule under dictator Gnassingbe Eyadema, international funders suspended financial aid to the former French colony saying it would be resumed only after a genuine democracy was in place.
Last year the IMF cleared Togo for aid resumption, saying it had made significant progress in economic and political reforms.
Two-thirds of Togo's population live in poverty.