The economies of the WAEMU Member States had had deal with a difficult economic environment in 2011. The international sphere saw a worsening of the sovereign debt crisis, while at regional level, the post-electoral crisis in Côte d’Ivoire negatively affected overall economic activity, particularly during the first quarter. The FYE2011 also saw the emergence of the Arab Spring, the first consequences of which began to be seen in our Member States towards the end of the year. Finally, I must also mention the rainfall deficit during the growing season, which since early 2012 has exposed our Union to the risk of a food crisis similar to the one that took place in 2008.
Because of these various constraints, the annual growth rate of the Union has declined sharply from 4.5% in 2010 to 1.4% in 2011, and the annual average inflation rate increased from 1.4% in 2010 to 3.9% as a result of price increases in food imports (oil, milk, sugar, etc.), petroleum products, and local grains.
Despite all this, and with the continued implementation of the strategic plan, BOAD managed to maintain a good level of activity.