Benin
The major sector of economy is agriculture based. Benin is specialized in producing and re-exporting of cotton. Although the economy is based on agriculture, but agribusinesses are also encouraged. Textile factories are being established in Glo Djigbé industrial zone.
Metric | Value |
---|---|
Population | 13,712,828 |
Real GDP (projected) | 6.3% |
GDP per capita (projected) | $1,540.137 |
Government Initiatives: To improve the economy, government of Benin has planned to take following initiatives
- In 2024, export of raw cashew nut will be banned to encourage local processing units.
- Pool in investment through private and public sectors
- Creating Job opportunity in rural economy
- Promoting agribusiness and setting up textile factories to increase the production of cotton and other commodities
- inifiating finance toward the development of cotton industry and exports.
Top 10 Fastest Growing Economies in the World
The top 10 fastest-growing Economies in the World are Macao SAR, Guyana, Palau, Niger, Senegal, Libya, Rwanda, Côte d’Ivoire, Burkina Faso, and Benin as per IMF projection for 2024. Every country on the globe faced a massive setback in their economic growth during the pandemic. This led to a massive fall in the global economy. Consequently, it became tough for the countries to regain their growth rate of the pre-pandemic period.