- Written by agriadmin
- Published: 09 May 2016
Côte d'Ivoire Economy: Côte d’Ivoire (Ivory Coast) is currently the second (2nd) fastest growing economy in the world, according to a World Economic Forum article published in April 2016 (more), and is considered to be the most business friendly country in Africa. The port in Abidjan (Port Autonome d'Abidjan) is the second largest deep water port in Africa and the main port of trade for neighboring countries.
The Côte d'Ivoire economy is stable and currently growing, in the aftermath of political instability in recent decades. Côte d'Ivoire is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian people are engaged in some form of agricultural activity. GDP per capita grew 82% in the 1960s, reaching a peak growth of 360% in the 1970s. But this proved unsustainable and it shrank by 28% in the 1980s and a further 22% in the 1990s. This coupled with high population growth resulted in a steady fall in living standards.
Gross national product per capita, now rising again, was about US$ $727 in 1996. (It was substantially higher two decades ago.) After several years of lagging performance, the Ivorian economy began a comeback in 1994, due to the devaluation of the CFA franc and improved prices for cocoa and coffee, growth in non-traditional primary exports such aspineapples and rubber, limited trade and banking liberalization, offshore oil and gas discoveries, and generous external financing and debt rescheduling by multilateral lenders and France. The 50% devaluation of franc zone currencies on 12 January 1994 caused a one-time jump in the inflation rate to 26% in 1994, but the rate fell sharply in 1996-1999. Moreover, government adherence to donor-mandated reforms led to a jump in growth to 5% annually in 1996-99.
A majority of the population remains dependent on smallholder cash crop production. Principal exports are cocoa, coffee, and tropical woods. Principal U.S. exports to Côte d'Ivoire are rice and wheat, plastic materials and resins, Kraft paper, agricultural chemicals, telecommunications, and oil and gas equipment. Principal U.S. imports are cocoa and cocoa products, petroleum, rubber, and coffee.
InfrastructureBy developing-country standards, Ivory Coast has an outstanding infrastructure. There is a network of more than 8,000 miles (13,000 km) of paved roads; modern telecommunications services, including a public data communications network; cellular phones and Internet access; two active ports, one of which, Abidjan, is the most modern in West Africa; rail links-in the process of being upgraded-both within the country and to Burkina Faso; regular air service within the region and to and from Europe; and real estate developments for commercial, industrial, retail, and residential use. Ivory Coast's location and connections to neighboring countries makes it a preferred platform from which Europeans conduct West African business operations. The city of Abidjan is one of the most modern and liveable cities in the region for wealthy French expatriates. Its school system is highly regarded and includes an excellent international school based on a U.S. curriculum and several excellent French-based schools. Ivory Coast has stepped up public investment programs after the stagnation of the pre-devaluation era. The government's public investment plan accords priority to investment in human capital, but it also will provide for significant spending on economic infrastructure needed to sustain growth. Continued infrastructure development is also expected to occur because of private sector activity. In the new environment of government disengagement from productive activities and in the wake of recent privatizations, anticipated investments in the petroleum, electricity, water, and telecommunications sectors, and in part of the transport sector, will be financed without any direct government intervention. Mean wages were $1.05 per man-hour in 2009. - Wikipedia
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