Economy
Ivory Coast has, for the region, a relatively high income per capita (USD 960 in 2007) and plays a key role in transit trade for neighboring, landlocked countries. The country is the largest economy in the West African Economic and Monetary Union, constituting 40 percent of the monetary union’s total GDP. The country is the world's largest exporter of cocoa, and the fourth largest exporter of goods, in general, in sub-Saharan Africa (following South Africa, Nigeria and Angola).
The maintenance of close ties to France since independence in 1960, diversification of agriculture for export, and encouragement of foreign investment, have been factors in the economic growth of Ivory Coast. In recent years Ivory Coast has been subject to greater competition and falling prices in the global marketplace for its primary agricultural crops: coffee and cocoa. That, compounded with high internal corruption, makes life difficult for the grower and those exporting into foreign markets.
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Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
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