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
Also known as Côte d’Ivoire, Ivory Coast is embarking on massive upgrading of its infrastructure, with significant investments from the public and private sectors. The government itself 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 over the coming decade. These improvements in infrastructure will also have positive spillovers for the greater economy, stimulating business activity and boosting household spending.
Ivory Coast is expected to remain as one of the world’s fastest growing economies, with continued investor confidence and strong foreign capital inflows. The government has also put in place ambitious plans to stimulate and enhance private investment to achieve emerging market status by 2020. The country's growth rate has been among the highest in the world for the last five years, and is expected to be around 7% in the coming years1.
1: World Bank, 2017
Political stabilisation has been underway since the end of a long civil conflict in 2011. Current President Alassane Ouattara has focused on economic growth, driven by foreign investment, to normalise the political situation. He also revamped the nation’s agriculture and housing industries, which has 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 a sign of further stability, the United Nations’ peacekeeping mission formally left the country in June 2017.
Ivory Coast is one of the fastest-growing economies in the world, with a GDP growth rate of 7.6% in 20171. With an estimated GDP of US$39.91 billion in 20172, 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's National Development Plan aims to transform Ivory Coast into a middle-income economy by 20203. 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.
1, 2 & 3 World Bank, 2017