Currency | Tanzanian shilling (TSh) |
---|---|
1 July – 30 June | |
Trade organisations | AU, AfCFTA (signed), EAC, SADC, WTO |
Country group |
|
Statistics | |
Population | 70,641,120 (2024) [3] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
3.9% (2020 est.) [8] | |
12% (2014) [9] | |
Population below poverty line | |
40.5 medium (2017) [12] | |
Labour force | |
Labour force by occupation | Agriculture: 50% [17] : page 56 |
Unemployment | 2.2% (2017) [18] |
Main industries | agricultural processing (sugar, beer, cigarettes, sisal twine); mining (diamonds, gold, and iron), salt, soda ash; cement, oil refining, shoes, apparel, wood products, fertilizer [7] |
External | |
Exports | $5.6685 billion (105th; October 2015) [19] |
Export goods | gold, tobacco, cashews, sesame seeds, refined petroleum |
Main export partners | India 27% United Arab Emirates 11% South Africa 9% Kenya 5% Rwanda 5% (2022) [20] |
Imports | $10.441 billion (FOB; October 2015) [19] |
Import goods | refined petroleum, palm oil, packaged medicines, cars, wheat |
Main import partners | China 30% India 18% United Arab Emirates 11% Democratic Republic of the Congo 5% Saudi Arabia 2% (2022) [20] |
FDI stock | $12.715 billion (2013) [21] |
–4.002 billion (October 2015) [19] | |
Gross external debt | $15.4 billion (October 2015) [19] |
Public finances | |
37% of GDP (2017 est.) [7] | |
–1.8% (of GDP) (2017 est.) [7] | |
Revenues | $12.88 billion (2022 est.) |
Expenses | $14.91 billion (2022 est.) |
Economic aid | $490 million (recipient; 2014) [22] |
n/a (TBD) | |
$4,383.6 million (4.5 months of imports; 2013) [19] | |
All values, unless otherwise stated, are in US dollars. |
The economy of Tanzania is a lower-middle income economy [23] [24] that is centered around Manufacturing, Tourism, Agriculture, and financial services. [25] Tanzania's economy has been transitioning from a planned economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007. [26]
Following the rebasing of the economy in 2014, the GDP increased by a third to $58.1 billion. [27]
In 2020, the real GDP of Tanzania grew by 4.8% reaching US$89.5 billion versus US$82.9 billion in 2019. This growth made it the 2nd largest economy in East Africa after Kenya, and the 7th largest in Sub-Saharan Africa. [28]
It has sustained relatively high economic growth compared to global trends, as is characteristic of African nations. According to World Bank data, the last 5 years have seen the slowest growth since 2000. The medium-term outlook is so far positive, with growth projected at 6 percent in 2020/21, which is supported by large infrastructure spending. [29] [30]
The World Bank (WB) expects the economic growth of Tanzania to slow to 2.5% in 2020 [31] due to the COVID-19 pandemic which has affected the labor market, the production capacity, and productivity. Tourism has halted, and exports of manufacturing and agricultural goods slumped.
On 7 September 2021, the IMF approved US$567.25 million in emergency financial assistance to support Tanzania’s efforts in responding to the COVID-19 pandemic [32] by addressing the urgent health, humanitarian, and economic costs.
The IMF projects a GDP growth for Tanzania of +4.0% and +5.1% in 2021 and 2022, [33] and 6.0% in 2026.
According to the World Bank, the GDP of Tanzania expanded by 4.6% in 2022, up from 4.3% in 2021.
The value of Tanzania's GDP at current prices reached USD 105.1 billion in 2022. [34]
The World Bank projects Tanzania's GDP growth to reach 5.1% in 2023.
Significant measures have been taken to liberalize the Tanzanian economy along market lines and encourage both foreign and domestic private investment. Beginning in 1986, the Government of Tanzania embarked on an adjustment program to dismantle the socialist (Ujamaa) economic controls and encourage more active participation of the private sector in the economy. The program included a comprehensive package of policies which reduced the budget deficit and improved monetary control, substantially depreciated the overvalued exchange rate, liberalized the trade regime, removed most price controls, eased restrictions on the marketing of food crops, freed interest rates, and initiated a restructuring of the financial sector.
Current GDP per capita of Tanzania grew more than 40 percent between 1998 and 2007. [35] In May 2009, the International Monetary Fund (IMF) approved an Exogenous Shock Facility for Tanzania to help the country cope with the global economic crisis [36] Tanzania is also engaged in a Policy Support Instrument (PSI) with the IMF, which commenced in February 2007 after Tanzania completed its second three-year Poverty Reduction and Growth Facility (PRGF), the first having been completed in August 2003. The PRGF was the successor program to the Enhanced Structural Adjustment Facility, which Tanzania also participated in from 1996 to 1999. The IMF's PSI program provides policy support and signaling to participating low-income countries and is intended for countries that have usually achieved a reasonable growth performance, low underlying inflation, an adequate level of official international reserves, and have begun to establish external and net domestic debt sustainability.
Tanzania also embarked on a major restructuring of state-owned enterprises. The program has so far divested 335 out of some 425 parastatal entities. Overall, real economic growth has averaged about 4 percent a year, much better than the previous 20 years, but not enough to improve the lives of average Tanzanians. Also, the economy remains overwhelmingly donor-dependent. Moreover, Tanzania has an external debt of $7.9 billion. The servicing of this debt absorbs about 40 percent of total government expenditures. Tanzania has qualified for debt relief under the enhanced Heavily Indebted Poor Countries (HIPC) initiative. Debts worth over $6 billion were canceled following implementation of the Paris Club 7 Agreement.
This is a chart of trend of gross domestic product of Tanzania at market prices estimated by the International Monetary Fund with figures in millions of shillings. [37] [38]
Year | Gross Domestic Product | US Dollar Exchange |
---|---|---|
1980 | 45,749 | 8/21 |
1985 | 115,006 | 17/87 |
1990 | 830,693 | 195/04 |
1995 | 3,020,501 | 536/40 |
2000 | 7,267,133 | 800/43 |
2005 | 13,713,477 | 1,127/10 |
2010 | – | 1,515/10 |
Mean wages were $0.52 per man-hour in 2009.[ citation needed ] The economy saw continuous real GDP growth of at least 5% since 2007.
The following table shows the main economic indicators in 1980–2023. Inflation below 5% is in green. [39]
Year | GDP (in billion US$ PPP) | GDP per capita (in US$ PPP) | GDP (in billion US$ nominal) | GDP growth (real) | Inflation rate (in Percent) | Government debt (in % of GDP) |
---|---|---|---|---|---|---|
1980 | 10.9 | 900 | 7.6 | 3.3% | 30.2% | n/a |
1981 | 12.1 | 919 | 5.8 | 0.5% | 25.7% | n/a |
1982 | 12.9 | 939 | 6.3 | 0.6% | 28.9% | n/a |
1983 | 13.7 | 965 | 5.9 | 2.4% | 27.1% | n/a |
1984 | 14.7 | 981 | 6.2 | 3.4% | 36.1% | n/a |
1985 | 15.8 | 1,000 | 6.7 | 4.6% | 33.3% | n/a |
1986 | 17.2 | 1,006 | 7.2 | 6.6% | 32.4% | n/a |
1987 | 18.7 | 1,012 | 7.7 | 5.9% | 29.9% | n/a |
1988 | 20.3 | 1,040 | 8.4 | 4.4% | 31.2% | n/a |
1989 | 21.9 | 1,076 | 8.9 | 3.8% | 25.8% | n/a |
1990 | 24.3 | 1,103 | 9.4 | 7.0% | 36.4% | n/a |
1991 | 26.3 | 1,126 | 9.9 | 2.1% | 25.2% | n/a |
1992 | 27.3 | 1,169 | 10.4 | 0.6% | 20.7% | n/a |
1993 | 28.3 | 1,223 | 11.5 | 1.2% | 26.1% | n/a |
1994 | 29.9 | 1,294 | 11.9 | 1.6% | 37.9% | n/a |
1995 | 31.8 | 1,372 | 12.5 | 3.6% | 26.8% | n/a |
1996 | 30.3 | 1,444 | 12.7 | 4.5% | 21.0% | n/a |
1997 | 33.5 | 1,545 | 13.2 | 3.5% | 16.1% | n/a |
1998 | 35.1 | 1,650 | 14.2 | 3.7% | 12.8% | n/a |
1999 | 37.4 | 1,732 | 15.5 | 4.8% | 7.9% | n/a |
2000 | 40.2 | 1,878 | 16.9 | 4.9% | 6.0% | n/a |
2001 | 43.5 | 1,969 | 18.6 | 6.0% | 5.1% | 50.2% |
2002 | 47.2 | 2,038 | 21.5 | 6.9% | 4.6% | 47.0% |
2003 | 51.3 | 2,141 | 24.3 | 6.4% | 4.4% | 44.3% |
2004 | 56.4 | 2,301 | 27.3 | 7.2% | 4.1% | 44.6% |
2005 | 60.3 | 2,407 | 28.6 | 6.5% | 4.4% | 46.8% |
2006 | 66.9 | 2,572 | 30.9 | 4.7% | 7.3% | 32.8% |
2007 | 74.5 | 2,641 | 35.3 | 8.5% | 7.0% | 21.6% |
2008 | 80.2 | 2,801 | 39.0 | 5.6% | 10.3% | 21.5% |
2009 | 85.1 | 2,902 | 43.7 | 5.4% | 12.1% | 24.4% |
2010 | 91.7 | 3,072 | 45.5 | 6.4% | 7.2% | 27.3% |
2011 | 100.9 | 3,245 | 47.9 | 7.9% | 12.7% | 27.8% |
2012 | 108.1 | 3,410 | 50.0 | 5.1% | 16.0% | 29.2% |
2013 | 117.9 | 3,790 | 54.1 | 7.2% | 7.9% | 30.9% |
2014 | 128.3 | 3,983 | 58.1 | 7.0% | 6.1% | 33.8% |
2015 | 138.7 | 4,105 | 63.8 | 6.2% | 5.6% | 39.2% |
2016 | 152.6 | 4,275 | 69.9 | 6.9% | 5.2% | 39.8% |
2017 | 167.0 | 4,441 | 73.1 | 6.8% | 5.3% | 40.7% |
2018 | 189.4 | 4,704 | 77.7 | 7.0% | 3.5% | 40.5% |
2019 | 211.9 | 4,868 | 82.9 | 7.0% | 3.4% | 39.1% |
2020 | 231.2 | 5,246 | 89.5 | 4.8% | 3.3% | 39.8% |
2021 | 252.1 | 5,505 | 98.9 | 4.9% | 3.7% | 42.1% |
2022 | 276.8 | 5,775 | 105.1 | 4.7% | 4.4% | 42.3% |
2023 | 303.9 | 6,195 | 112.0 | 5.2% | 4.0% | 42.6% |
The Tanzanian economy is heavily based on agriculture, which accounts for 28.7 percent of gross domestic product, [17] : page 37 provides 85 percent of exports, [40] and accounts for half of the employed workforce; [17] : page 56 The agricultural sector grew 4.3 percent in 2012, less than half of the Millennium Development Goal target of 10.8 percent. [41] 16.4 percent of the land is arable, [42] with 2.4 percent of the land planted with permanent crops. [43]
This strong dependence on agriculture, makes Tanzania's economy highly vulnerable to weather shocks and fluctuating commodity prices. 76% of Tanzania's population subsist thanks to agriculture and, due to the lack of knowledge and infrastructure to develop and implement some kind of agricultural technology, any droughts, floods, or temperature shocks can severely damage the living standards of those people and create huge increases in unemployment, hunger, and malnutrition rates, as well as, in really severe case, mortality rates due to starvation. [44]
Tanzania produced in 2018:
In addition to smaller productions of other agricultural products, like tobacco (107 thousand tons, 8th largest producer in the world), coffee (55 thousand tons), tea (36 thousand tons) and sisal (33 thousand tons). [45]
Industries are a major and growing component of the Tanzanian economy, contributing 22.2 percent of GDP in 2013. [17] : page 37 This component includes mining and quarrying, manufacturing, electricity and natural gas, water supply, and construction. [17] : page 37
Mining contributed 3.3 percent of GDP in 2013. [17] : page 33 The vast majority of the country's mineral export revenue comes from gold, accounting for 89 percent of the value of those exports in 2013. [17] : page 71 It also exports sizable quantities of gemstones, including diamonds and tanzanite. [46] : page 1250 All of Tanzania's coal production, which totalled 106,000 short tons in 2012, is used domestically. [47]
Other minerals exploited in Tanzania include;
Modern gold mining in Tanzania started in the German colonial period, beginning with gold discoveries near Lake Victoria in 1894. The first gold mine in what was then Tanganyika, the Sekenke Gold Mine, began operation in 1909, and gold mining in Tanzania experienced a boom between 1930 and World War II. By 1967, gold production in the country had dropped to insignificance but was revived in the mid-1970s, when the gold price rose once more. In the late 1990s, foreign mining companies started investing in the exploration and development of gold deposits in Tanzania, leading to the opening of a number of new mines, like the Golden Pride mine, which opened in 1999 as the first modern gold mine in the country, or the Buzwagi mine, which opened in 2009. [48] [49]
Nickel reserves amounting to 290,000 tonnes were discovered in October 2012 by Ngwena Company Limited, a subsidiary of the Australian mining company IMX Resources. An initial investment of around USD $38 million has been made since exploration began in 2006, and nickel should start being mined at the end of 2015. [50]
Chinese firms have been showing major interest in Tanzania's mineral deposits; an announcement was made in late 2011 of a plan by the Sichuan Hongda Group, to invest about US$3 billion to develop the Mchuchuma coal and Liganga iron ore projects in the south of the country. [51] It was also announced in August 2012 that China National Gold Corp are in talks to purchase mining assets in Tanzania from African Barrick Gold, in a deal that could be worth more than £2 billion stg. [51]
In November 2012, the Tanzanian government announced investigations into allegations that mining investors in the country were harassing and on some occasions, killing residents around mining sites. [52]
The government-owned Tanzania Electric Supply Company Limited (TANESCO) dominates the electric supply industry in Tanzania. [53] The country generated 6.013 billion kilowatt hours (kWh) of electricity in 2013, a 4.2 percent increase over the 5.771 billion kWh generated in 2012. [54] : page 4 Generation increased by 63 percent between 2005 and 2012; [55] [56] however, only 15 percent of Tanzanians had access to electric power in 2011. [57] Almost 18 percent of the electricity generated in 2012 was lost because of theft and transmission and distribution problems. [55] The electrical supply varies, particularly when droughts disrupt hydropower electric generation; rolling blackouts are implemented as necessary. [46] : page 1251 [53] The unreliability of the electrical supply has hindered the development of Tanzanian industry. [46] : page 1251 In 2013, 49.7 percent of Tanzania's electricity generation came from natural gas, 28.9 percent from hydroelectric sources, 20.4 percent from thermal sources, and 1.0 percent from outside the country. [54] : page 5 The government is building a 532 kilometres (331 mi) gas pipeline from Mnazi Bay to Dar es Salaam, with a scheduled completion in 2015. [58] This pipeline is expected to allow the country to double its electricity generation capacity to 3,000 megawatts by 2016. [59] The government's goal is to increase capacity to at least 10,000 megawatts by 2025. [60]
According to PFC Energy, 25 to 30 trillion cubic feet of recoverable natural gas resources have been discovered in Tanzania since 2010. [47] The value of natural gas actually produced in 2013 was US$52.2 million, a 42.7 percent increase over 2012. [17] : page 73
Commercial production of gas from the Songo Songo Island field in the Indian Ocean commenced in 2004, thirty years after it was discovered there. [61] [62] Over 35 billion cubic feet of gas was produced from this field in 2013, [17] : page 72 with proven, probable, and possible reserves totalling 1.1 trillion cubic feet. [62] The gas is transported by pipeline to Dar es Salaam. [61] As of 27 August 2014, TANESCO owed the operator of this field, Orca Exploration Group Inc., US$50.4 million, down from US$63.8 million two months earlier. [63]
A newer natural gas field in Mnazi Bay in 2013 produced about one-seventh of the amount produced near Songo Songo Island [17] : page 73 but has proven, probable, and possible reserves of 2.2 trillion cubic feet. [62] Virtually all of that gas is being used for electricity generation in Mtwara. [61]
The Indian Ocean, off the coast of Mozambique and Tanzania, is proving to be a rich hunting ground for natural gas exploration. According to US Geological Survey estimates, the combined gas reserves of Mozambique and Tanzania could be as high as 250 trillion cubic feet. In Mozambique alone, proven gas reserves have increased dramatically from a mere 4.6 trillion cubic feet in 2013 to 98.8 trillion cubic feet as of mid-2015. Given continued offshore discoveries and the size of discoveries to date, continued growth in proven gas reserves is likely to continue into the foreseeable future. [64] [65]
In 2014, Tanzania's natural gas production was 19 billion cubic feet (Bcf), a 30% decline from five years prior, but increased in mid-2015 following the commencement of operations at the Mnazi Bay Concession and a new pipeline to Dar es Salaam. Significant gas discoveries, including 16 to 17 trillion cubic feet (Tcf) by the BG Group and partners, and 22 Tcf by Statoil with ExxonMobil, have positioned Tanzania to potentially become an LNG exporter. However, development plans, including an LNG plant agreed upon in 2014 with international companies and the Tanzania Petroleum Development Corporation (TPDC), have not advanced to sanctioning. [66]
New exploration on more frontier blocks, however, will likely be slowed as oil and gas prices fall [67] and companies apply increasing caution to investing in frontier markets with nascent industries, poor infrastructure and long lead times. [68]
The exploration and development of natural gas in Tanzania have boosted its economic framework. In 2024, the Ntorya gas field received a 25-year development license, a major step in harnessing Tanzania's natural gas. Managed by ARA Petroleum Tanzania Limited (APT), this field is expected to begin producing substantial gas quantities for domestic use within a year. Initial production is projected at 40 million cubic feet per day, with potential expansion to 140 million cubic feet per day in future years. [69]
Tanzania's history of political stability has encouraged foreign direct investment. The government has committed itself to improve the investment climate including redrawing tax codes, floating the exchange rate, licensing foreign banks, and creating an investment promotion centre to cut red tape. Its economy is currently being managed according to the Tanzania Mini-Tiger Plan. Tanzania has mineral resources and a largely untapped tourism sector, which might make it a viable market for foreign investment.
The stock market capitalisation of listed companies in Tanzania was valued at $588 million in 2005 by the World Bank. [70]
Zanzibar's economy is based primarily on the production of cloves (90% grown on the island of Pemba), the principal foreign exchange earner. Exports have suffered from the downturn in the clove market.
The Government of Zanzibar has been more aggressive than its mainland counterpart in instituting economic reforms and has legalized foreign exchange bureaus on the islands. This has loosened up the economy and dramatically increased the availability of consumer commodities. Furthermore, with external funding, the government plans to make the port of Zanzibar a free port. Rehabilitation of current port facilities and plans to extend these facilities will be the precursor to the free port. The island's manufacturing sector is limited mainly to import substitution industries, such as cigarettes, shoes, and process agricultural products. In 1992, the government designated two export-producing zones and encouraged the development of offshore financial services. Zanzibar still imports much of its staple requirements, petroleum products, and manufactured articles.
The economy of Angola remains heavily influenced by the effects of four decades of conflict in the last part of the 20th century, the war for independence from Portugal (1961–75) and the subsequent civil war (1975–2002). Poverty since 2002 is reduced over 50% and a third of the population relies on subsistence agriculture. Since 2002, when the 27-year civil war ended, government policy prioritized the repair and improvement of infrastructure and strengthening of political and social institutions. During the first decade of the 21st century, Angola's economy was one of the fastest-growing in the world, with reported annual average GDP growth of 11.1 percent from 2001 to 2010. High international oil prices and rising oil production contributed to strong economic growth, although with high inequality, at that time. 2022 trade surplus was $30 billion, compared to $48 billion in 2012.
The economy of Cameroon was one of the most prosperous in Africa for a quarter of a century after independence. The drop in commodity prices for its principal exports – petroleum, cocoa, coffee, and cotton – in the mid-1980s, combined with an overvalued currency and economic mismanagement, led to a decade-long recession. Real per capita GDP fell by more than 60% from 1986 to 1994. The current account and fiscal deficits widened, and foreign debt grew. Yet because of its oil reserves and favorable agricultural conditions, Cameroon still has one of the best-endowed primary commodity economies in sub-Saharan Africa.
The economy of the Democratic Republic of the Congo has declined drastically around the 1980s, despite being home to vast potential in natural resources and mineral wealth; their gross domestic product is $69.474 billion as of 2023. During the last five reported years the exports of Democratic Republic of the Congo have changed by $15.2B from $13.3B in 2017 to $28.5B in 2022. The Economy of DRC is largely underestimated because the majority of Gold/Cobalt is sold on Black Market or Smuggled.
The economy of the Dominican Republic is the seventh largest in Latin America, and is the largest in the Caribbean and Central American region. The Dominican Republic is an upper-middle income developing country with important sectors including mining, tourism, manufacturing, energy, real estate, infrastructure, telecommunications and agriculture. The Dominican Republic is on track to achieve its goal of becoming a high-income country by 2030, and is expected to grow 79% in this decade. The country is the site of the single largest gold mine in Latin America, the Pueblo Viejo mine. Although the service sector is currently the leading employer of Dominicans, agriculture remains an important sector in terms of the domestic market and is in second place in terms of export earnings. Tourism accounts for more than $7.4 billion in annual earnings in 2019. Free-trade zone earnings and tourism are the fastest-growing export sectors. A leading growth engine in the Free-trade zone sector is the production of medical equipment for export having a value-added per employee of US$20,000, total revenue of US$1.5 billion, and a growth rate of 7.7% in 2019. The medical instrument export sector represents one of the highest-value added sectors of the country's economy, a true growth engine for the country's emerging market. Remittances are an important sector of the economy, contributing US$8.2 billion in 2020. Most of these funds are used to cover household expenses, such as housing, food, clothing, health care and education. Secondarily, remittances have financed businesses and productive activities. Thirdly, this combined effect has induced investment by the private sector and helps fund the public sector through its value-added tax. The combined import market including the free-trade-zones amounts to a market of $20 billion a year in 2019. The combined export sector had revenues totaling $11 billion in 2019. The consumer market is equivalent to $61 billion in 2019. An important indicator is the average commercial loan interest rate, which directs short-term investment and stimulates long-term investment in the economy. It is currently 8.30%, as of June 2021.
The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. Ecuador's economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. In 2017, remittances constituted 2.7% of Ecuador's GDP. The total trade amounted to 42% of the Ecuador's GDP in 2017.
The economy of Ethiopia is a mixed and transition economy with a large public sector. The government of Ethiopia is in the process of privatizing many of the state-owned businesses and moving toward a market economy. The banking, telecommunication and transportation sectors of the economy are dominated by government-owned companies.
The economy of Gabon is characterized by strong links with France, large foreign investments, dependence on skilled foreign labor, and decline of agriculture. Gabon on paper enjoys a per capita income four times that of most nations of Africa, but its reliance on resource extraction industry fail to release much of the population from extreme poverty, as much of 30% of the population lives under the poverty threshold.
The economy of Kyrgyzstan is heavily dependent on the agricultural sector. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. According to Healy Consultants, Kyrgyzstan's economy relies heavily on the strength of industrial exports, with plentiful reserves of gold, mercury and uranium. The economy also relies heavily on remittances from foreign workers. Following independence, Kyrgyzstan was progressive in carrying out market reforms, such as an improved regulatory system and land reform. In 1998, Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Kyrgyzstan's economic performance has been hindered by widespread corruption, low foreign investment and general regional instability. Despite those issues, Kyrgyzstan is ranked 70th on the ease of doing business index.
The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.
The economy of Senegal is driven by mining, construction, tourism, fishing and agriculture, which are the main sources of employment in rural areas, despite abundant natural resources in iron, zircon, gas, gold, phosphates, and numerous oil discoveries recently. Senegal's economy gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. As one of the dominant parts of the economy, the agricultural sector of Senegal is highly vulnerable to environmental conditions, such as variations in rainfall and climate change, and changes in world commodity prices.
The economy of Thailand is dependent on exports, which accounted in 2021 for about 58 per cent of the country's gross domestic product (GDP). Thailand itself is a newly industrialized country, with a GDP of 17.922 trillion baht (US$514.8 billion) in 2023, the 9th largest economy in Asia. As of 2018, Thailand has an average inflation of 1.06% and an account surplus of 7.5% of the country's GDP. Its currency, the baht, is ranked as the tenth most frequently used world payment currency in 2017.
The economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world, with development undercut by political instability, lowered commodity prices, and external debts. While industry and services play a role, the economy is dependent on subsistence agriculture, with industrialization and regional banking suffering major setbacks.
The economy of Tunisia is in the process of being liberalized after decades of heavy state direction and participation in the country's economy. Prudent economic and fiscal planning has resulted in moderate but sustained growth for over a decade. Tunisia's economic growth historically has depended on oil, phosphates, agri-food products, car parts manufacturing, and tourism. In the World Economic Forum Global Competitiveness Report for 2015–2016, Tunisia ranks in 92nd place.
The economy of Madagascar is US$9.769 billion by gross domestic product as of 2020, being a market economy and is supported by an agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces tropical staple crops such as rice and cassava, as well as cash crops such as vanilla and coffee.
The economy of Guyana is one of the fastest growing economies in the world with a gross domestic product (GDP) growth of 19.9% in 2021. In 2024, Guyana had a per capita gross domestic product of Int$80,137 and an average GDP growth of 4.2% over the previous decade. Guyana's economy was transformed in 2015 with the discovery of an offshore oil field in the country's waters about 190 km from Georgetown, making the first commercial-grade crude oil draw in December 2019, sending it abroad for refining.
The economy of Mozambique is $14.396 billion by gross domestic product as of 2018, and has developed since the end of the Mozambican Civil War (1977–1992). In 1987, the government embarked on a series of macroeconomic reforms, which were designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Inflation was brought to single digits during the late 1990s, although it returned to double digits in 2000–02. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities.
The economy of Papua New Guinea (PNG) is largely underdeveloped with the vast majority of the population living below the poverty line. However, according to the Asian Development Bank its GDP is expected to grow 3.4% in 2022 and 4.6% in 2023. It is dominated by the agricultural, forestry, and fishing sector and the minerals and energy extraction sector. The agricultural, forestry, and fishing sector accounts for most of the labour force of PNG while the minerals and energy extraction sector, including gold, copper, oil and natural gas is responsible for most of the export earnings.
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services. In some contexts, the two terms are distinct: the "international" or "global economy" is measured separately and distinguished from national economies, while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange, the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of planet Earth.
The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast's economy 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. The economy 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 decline, coupled with high population growth, resulted in a steady fall in living standards. The gross national product per capita, now rising again, was about US$727 in 1996. It was substantially higher two decades before. Real GDP growth is expected to average 6.5% in 2024–25.
The economy of Algeria deals with Algeria's current and structural economic situation. Since independence in 1962, Algeria has launched major economic projects to build up a dense industrial base. However, despite these major achievements, the Algerian economy has gone through various stages of turbulence.
Government ministries, agencies and sites