Monday, May 20, 2013

Economic growth in the Cote d'Ivoire

The Guardian reports on the economic boom in the Cote d'Ivoire:
Construction sites loom at every twist and turn of the super six-lane highways that weave around the √Čbri√© lagoon in the heart of Abidjan. Roads are being widened. New apartment blocks and shopping malls are joining 1970s skyscrapers on the skyline. And the final touches on a shiny new high-rise tower signal the African Development Bank's return after more than a decade.
Two years after the post-election conflict, when more than 3,000 people were killed, Ivory Coast's economy is bouncing back. With the country relieved of nearly $8bn (£5bn) in debt after reaching completion point of the heavily indebted poor countries initiative, investors are returning and GDP climbed to 9.8% last year.
"The recovery has been very impressive," said Marcelo Giugale, the World Bank's head of economic policy and poverty reduction in Africa, on a recent visit. "Not just economically speaking, but institutionally."
The economy is expected to grow another 8% in 2013, and the fiscal deficit will shrink from 4.7% to 3.2%.  The IMF also reports that the government is attempting to reform the cocoa sector, increase the supply of energy and create commercial courts that strengthen the business environment.

The initial Guardian article also details some of the problems with reconciliation, but I'm saving that for a separate post.


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