Country Economic Forecasts - Guinea

Country Economic Forecasts - Guinea

Guinea’s economy performed better than expected in 2020, despite the pandemic having decimated global growth. Demand for steel and secondary alloys – specifically aluminium – remains solid, even as automakers' semiconductor chip shortages and supply constraints challenge the non-ferrous and ferrous industries. Robust growth in aluminium prices (Guinea’s main export) has fuelled overall growth, thanks to strong demand from China. We have revised our growth forecast lower this year to 4.8% compared to 6.3% during the previous forecast round. However, heightened political uncertainty could weigh on Guinea’s economic prospects in the near term.