Economic momentum picked up in 2024, but we expect economic activity to ease this year amid global tariff uncertainty. At the beginning of April, the US slapped Madagascar with 47% import tariffs but has since suspended these harsh tariffs for 90 days and replaced them with a 10% import tariff. Yet, domestic textile and vanilla producers face significant risks. The deteriorated outlook for global trade will likely weigh on private sector investment in the near term while placing pressure on employment. We lowered real GDP growth in 2025 by 0.3ppt to 3.9%.
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