Economy and Agriculture - what is the future?

Economic development

Senegal, which ranks second among French-speaking African countries in terms of industrial development after the Ivory Coast, has seen an annual growth of more than 6% since 2014. The country has been among Africa's most stable countries, according to the World Bank, with three major peaceful political transitions since its independence in 1960. The economy was estimated to be worth $24.13 billion in 2018, representing 0.04% of the world economy, according to tradingeconomics.com. Growing 7% in 2018, Senegal is expected to excel further in economic development with added income from recently discovered hydrocarbon reserves discovered in the Atlantic Ocean. The country's development strategy, called Plan Senegal Emergent, is an ambitious yet feasible path towards becoming an emerging economy. Accelerating and broadening the reforms required by this plan are integral to this vision, according to the IMF. Turkish companies and institutions, such as Turkey Maarif Foundation, Turkish International Cooperation and Development Agency, Turkish Airlines, the Yunus Emre Institute and others, also play an important role in the country's development. The country is also currently preparing to host the 2022 Summer Youth Olympics.

Agricultural sector

Agriculture, fisheries, the service sector, communication, tourism and mining have a prominent place in the Senegalese economy, with important minerals such as zirconium, titanium, marble, gold and limestone found in the country. Agriculture employs 52.7% of the workforce and contributes to 16% of GDP, though only 16.62% of the land is arable. Leading agricultural products include peanuts, cotton, cashews, melons, black-eyed peas, cassava, millet, rice and corn. Income from the industry sector, which employs 20% of the workforce, constitutes 22.6% of GDP.

Source: https://www.aa.com.tr/en/africa/-senegal-the-land-of-hospitality-/1716360

Sincerely,

Abdoulaziz Sy

General Manager - BHS Americas