Population (2017): 24.2 million
GDP (2017): US$40.4 billion (S$54.5 billion)
World Bank “Ease of Doing Business” Rank (2018): 139
Bilateral Trade with Singapore (2017): S$45.9 million
Ivory Coast, also known as Côte d'Ivoire, is one of the fastest-growing economies in the world. Its economy has grown at an average of 8% per year from 2012 to 2017. The country’s estimated GDP growth is expected to reach 7.4% in 2018 and the strong growth is likely to continue through 20201.
Ivory Coast is currently the largest member of the West African Economic and Monetary Union (WAEMU). It aims to be the trading hub in West Africa and the gateway to the Economic Community of West African States (ECOWAS).
The government has also put in place ambitious plans to stimulate and enhance private investment to achieve emerging market status by 2020. government's National Development Plan (NDP) aims to transform Ivory Coast into a middle-income economy by 20202. Ongoing and planned road, port and railway investments will boost national and regional trade. Improved security and political stability will encourage economic and consumer markets growth.
Ivory Coast has seen improved political environment and relative stability since the end of a long civil conflict in 2011. Current President Alassane Ouattara has focused on economic growth, driven by foreign investments, to normalise the political situation. He also revamped the nation’s agriculture and housing industries – which have played a part in bringing stability to the country. The completion of relatively peaceful presidential elections in 2015 and parliamentary elections in 2016 are testament to Ivory Coast's increased ability to manage its political process. In addition, the departure of United Nations’ peacekeeping mission in June 2017 signifies the progress that the country has made in establishing peace and stability.
Ivory Coast is embarking on massive upgrading of its infrastructure, with significant investments from public and private sectors. The government plans to spend US$60 billion on infrastructure projects between 2016 and 2020. National and regional transport infrastructure as well as power supply reliability are expected to show great improvements in the coming decade. These improvements in infrastructure will also have positive spillovers for the greater economy, stimulating business activity and boosting household spending.