Population (2020): 26.38 million
GDP (2020): US$61.4 billion (S$83.3 billion)
Ease of Doing Business Rank (2020): 110
Bilateral Trade with Singapore (2021): S$92.2 million
Ivory Coast, also known as Côte d'Ivoire, is one of the fastest-growing economies in the world. Prior to COVID-19, Côte d'Ivoire had one of the most robust economies in Africa and globally, and had grown at an annual average rate of 8% since 2012. However, the global health situation adversely affected Ivorian households and businesses and slowed the growth rate to 1.8% in 2020. Robust domestic demand and stable exports are expected to drive the economy’s economic recovery in the coming years. With the implementation of the National Development Plan (PND) 2021 – 2025, which aims to maintain a stable socio-political environment and increase mobilisation of domestic resources, the Ivorian economy is expected to rebound strongly with real GDP growth of 6.5% in 2022, driven mainly by agriculture, construction, consumption, petroleum products, trade and investments as well as transport.
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).
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 demonstrated 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.
Legislative elections held in early March 2021 were won by the ruling Rally of Houphouëtists for Democracy and Peace (RHDP) party. The elections were deemed to be broadly inclusive, with the participation of the country’s main political parties, including the former president of Democratic Party of Cote d’Ivoire (PDCI) Henri Konan Bédié and the coalition supporting Laurent Gbagbo, both of which boycotted the presidential elections held in October 2020. Official reports indicate that 87 persons died in violent clashes that marred the re-election of Alassane Ouattara for a third consecutive term in 2020. However, the unrest was quickly quieted with the appointment of Patrick Achi as Prime Minister in March 2021 to continue the political dialogue for national reconciliation, particularly with the parties of former presidents Henri Konan Bédié and Laurent Gbagbo.
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.