| Date - Field | BurkinaFaso - Economy - overview |
2008 January
Economy - overview | One of the poorest countries in the world, landlocked Burkina Faso has few natural resources and a weak industrial base. About 90% of the population is engaged in subsistence agriculture, which is vulnerable to periodic drought. Cotton is the main cash crop and the government has joined with three other cotton producing countries in the region - Mali, Niger, and Chad - to lobby for improved access to Western markets. GDP growth has largely been driven by increases in world cotton prices. Industry remains dominated by unprofitable government-controlled corporations. Following the CFA franc currency devaluation in January 1994, the government updated its development program in conjunction with international agencies; exports and economic growth have increased. The government devolved macroeconomic policy and inflation targeting to the West African regional central bank (BCEAO), but maintains control over fiscal and microeconomic policies, including implementing reforms to encourage private investment. The bitter internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance. Burkina Faso is eligible for a Millennium Challenge Account grant, which would increase investment in the country's human capital. |
2007 January
Economy - overview | One of the poorest countries in the world, landlocked Burkina Faso has few natural resources and a weak industrial base. About 90% of the population is engaged in subsistence agriculture, which is vulnerable to periodic drought. Cotton is the main cash crop and the government has joined with three other cotton producing countries in the region - Mali, Niger, and Chad - to lobby for improved access to Western markets. GDP growth has largely been driven by increases in world cotton prices. Industry remains dominated by unprofitable government-controlled corporations. Following the CFA franc currency devaluation in January 1994, the government updated its development program in conjunction with international agencies; exports and economic growth have increased. The government devolved macroeconomic policy and inflation targeting to the West African regional central bank (BCEAO), but maintains control over fiscal and microeconomic policies, including implementing reforms to encourage private investment. The bitter internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance. Burkina Faso is eligible for a Millenium Challenge Account grant, which would increase investment in the country's human capital. |
2006 January
Economy - overview | One of the poorest countries in the world, landlocked Burkina Faso has few natural resources, a fragile soil, and a highly unequal distribution of income. About 90% of the population is engaged in (mainly subsistence) agriculture, which is vulnerable to variations in rainfall. Cotton is the key crop. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. The bitter internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance. |
2005 January
Economy - overview | One of the poorest countries in the world, landlocked Burkina Faso has few natural resources, a fragile soil, and a highly unequal distribution of income. About 90% of the population is engaged in (mainly subsistence) agriculture, which is vulnerable to variations in rainfall. Cotton is the key crop. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. The bitter internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance. |
2004 January
Economy - overview | One of the poorest countries in the world, landlocked Burkina Faso has few natural resources, a fragile soil, and a highly unequal distribution of income. About 90% of the population is engaged in (mainly subsistence) agriculture, which is vulnerable to variations in rainfall. Cotton is the key crop. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. The internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance. |
2003 January
Economy - overview | One of the poorest countries in the world, landlocked Burkina Faso has few natural resources, a fragile soil, and a highly unequal distribution of income. About 90% of the population is engaged in (mainly subsistence) agriculture, which is vulnerable to variations in rainfall. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. The internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance. |
2002 January
Economy - overview | One of the poorest countries in the world, landlocked Burkina Faso has a high population density, few natural resources, and a fragile soil. About 90% of the population is engaged in (mainly subsistence) agriculture, which is highly vulnerable to variations in rainfall. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. |
2001 January
Economy - overview | One of the poorest countries in the world, landlocked Burkina Faso has a high population density, few natural resources, and a fragile soil. About 90% of the population is engaged in (mainly subsistence) agriculture which is highly vulnerable to variations in rainfall. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of its macroeconomic progress in 2001-02 depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. |
2000 January
Economy - overview | One of the poorest countries in the world, landlocked Burkina Faso has a high population density, few natural resources, and a fragile soil. About 90% of the population is engaged in (mainly subsistence) agriculture which is highly vulnerable to variations in rainfall. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of its macroeconomic progress in 2000-2001 depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. |
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This page was last updated on 5 August, 2008 |
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