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This article has been outlined to show the economic outlook in Senegal and to encounter its stock market situation. We will also try to cover how you can send money to Senegal? There is an utmost need for many people, especially under the growing condition of the pandemic.
Senegal – An Overview
Senegal is a small country located in the western part of continent Africa. It has borders with Guinea-Bissau, Mali, and Mauritania and a much smaller neighbour Anglophone neighbour, Gambia. It’s a country with nearly 15.4 million people, with a quarter portion living in the capital city Dakar.
Economic Overview from Past Years
The stock market of Senegal has been mostly oriented towards the economic growth of Senegal, especially in the past 5-6 years. Various measures of stock exchange Made Senegal the highest economically growing country among African nations. Not only the service sector showed positive growth but, the demand side investments and export business also increased in these years.
Economic Downside During Pandemic
However, during the current year due to the Covid-19 pandemic, there has been a significant shift in the stock market. It directly impacts the economic outlook of Senegal. In the year 2020, the GDP showed a downfall of up to 1.3% with a major hit to the services and export industry sector.
Recovery Measures and Challenges
Although the Senegal government, along with the private sector, has tried to come up with containment measures in the form of a comprehensive economic stimulus plan (PRES). This plan has been designed to control the current degrading social and economic situation.
However, there remain certain factors on the way which act as hurdles to regain the lost GDP upgrading graphs. These hurdles may be in the form of limited fiscal and capital markets, vulnerable healthcare systems like all over the world, and a large informal sector which continuously poses a challenge to the stock market, exchange rates, and overall economic recovery in Senegal.
Recovery Will Be Gradual
Under the presence of contemporary situations and certain hurdles as limiting factors for the current economic graph, we can say that it will take some time for the economic recovery in Senegal.
Role of Money Transfer Services in Senegal During Pandemic
Moreover, under the current pandemic situation where the country needs specific measures both from government, and private sector’s the banking system, and money transfer services under such condition will also contribute directly to the economic recovery of the country
Money transfer services like ACE Money Transfer enable people in Senegal and other countries worldwide to send money online to Senegal to their loved ones. ACE also allows them for online money transfer to Senegal from any part of the world that is linked as a receiving country.
So, if you are worried about money transfer problems for your loved ones in Senegal, just get connected to their team and register yourself for a quick money transfer service for Senegal.
