| Date - Field | Togo - Economy - overview |
2012 January
Economy - overview | This small, sub-Saharan economy suffers from anemic economic growth and depends heavily on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings with cotton being the most important cash crop. Togo is the world's fourth-largest producer of phosphate. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has moved slowly. Progress depends on follow through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors. Togo is on track with its IMF Extended Credit Facility and reached a HIPC debt relief completion point in 2010 at which 95% of the country's debt was forgiven. Economic growth prospects remain marginal due to declining cotton production and underinvestment in phosphate mining. |
2011 January
Economy - overview | This small, sub-Saharan economy suffers from anemic economic growth and depends heavily on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings with cotton being the most important cash crop. Togo is the world's fourth-largest producer of phosphate. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has moved slowly. Progress depends on follow through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors. Togo is on track with its IMF Extended Credit Facility and reached a HIPC debt relief completion point in 2010 at which 95% of the country's debt was forgiven. Economic growth prospects remain marginal due to declining cotton production and underinvestment in phosphate mining. |
2010 January
Economy - overview | This small, sub-Saharan economy is heavily dependent on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings with cotton being the most important cash crop. Togo is the world's fourth-largest producer of phosphate. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has moved slowly. Progress depends on follow through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors. Togo is working with donors to write a Poverty Reduction and Growth Facility (PRGF) that could eventually lead to a debt reduction plan. Economic growth remains marginal due to declining cotton production, underinvestment in phosphate mining, and strained relations with donors. |
2009 January
Economy - overview | This small, sub-Saharan economy is heavily dependent on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings with cotton being the most important cash crop. Togo is the world's fourth-largest producer of phosphate. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has moved slowly. Progress depends on follow through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors. Togo is working with donors to write a Poverty Reduction and Growth Facility (PRGF) that could eventually lead to a debt reduction plan. Economic growth remains marginal due to declining cotton production, underinvestment in phosphate mining, and strained relations with donors. |
2008 January
Economy - overview | This small, sub-Saharan economy is heavily dependent on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings with cotton being the most important cash crop. Togo is the world's fourth-largest producer of phosphate. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has moved slowly. Progress depends on follow through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors. Togo is working with donors to write a Poverty Reduction and Growth Facility (PRGF) that could eventually lead to a debt reduction plan. Economic growth remains marginal due to declining cotton production, underinvestment in phosphate mining, and strained relations with donors. |
2007 January
Economy - overview | This small, sub-Saharan economy is heavily dependent on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings, with cotton being the most important cash crop. Togo is the world's fourth-largest producer of phosphate. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has moved slowly. Progress depends on follow-through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors. Togo is working with donors to write a PRGF that could eventually lead to a debt reduction plan. |
2006 January
Economy - overview | This small sub-Saharan economy is heavily dependent on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings, with cotton being the most important cash crop. Togo is the world's fourth-largest producer of phosphate, but production fell an estimated 22% in 2002 due to power shortages and the cost of developing new deposits. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has moved slowly. Progress depends on following through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors. |
2005 January
Economy - overview | This small sub-Saharan economy is heavily dependent on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings, with cotton being the most important cash crop. Togo is the world's fourth-largest producer of phosphate, but production fell an estimated 22% in 2002 due to power shortages and the cost of developing new deposits. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has moved slowly. Progress depends on following through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors. |
2004 January
Economy - overview | This small sub-Saharan economy is heavily dependent on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings, with cotton being the most important cash crop. Togo is the world's fourth-largest producer of phosphate, but production fell an estimated 22% in 2002 due to power shortages and the cost of developing new deposits. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has moved slowly. Progress depends on following through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors. |
2003 January
Economy - overview | This small sub-Saharan economy is heavily dependent on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings, with cotton being the most important cash crop. Togo is the world's fourth-largest producer of phosphate, but production fell an estimated 22% in 2002 due to power shortages and the cost of developing new deposits. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has moved slowly. Progress depends on following through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors. |
2002 January
Economy - overview | This small sub-Saharan economy is heavily dependent on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings, with cotton being the most significant cash crop despite falling prices on the world market. Political unrest, including private and public sector strikes throughout 1992 and 1993, jeopardized the reform program, shrunk the tax base, and disrupted vital economic activity. The 12 January 1994 devaluation of the XOF currency by 50% provided an important impetus to renewed structural adjustment. In the industrial sector, phosphate mining is by far the most important activity. Togo is the world's fourth largest producer, and geological advantages keep production costs low. The recently privatized mining operation, Office Togolais des Phosphates (OTP), is slowly recovering from a steep fall in prices in the early 1990's, but continues to face the challenge of tough foreign competition, exacerbated by weakening demand. Togo serves as a regional commercial and trade center. It continues to expand its duty-free export-processing zone (EPZ), launched in 1989, which has attracted enterprises from France, Italy, Scandinavia, the US, India, and China and created jobs for Togolese nationals. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has stalled. Progress depends on following through on privatization, increased openness in government financial operations, progress towards legislative elections, and possible downsizing of the military, on which the regime has depended to stay in place. Lack of large-scale foreign aid, deterioration of the financial sector, energy shortages, and depressed commodity prices continue to constrain economic growth. The takeover of the national power company by a Franco-Canadian consortium in 2000 should ease the energy crisis. |
2001 January
Economy - overview | This small sub-Saharan economy is heavily dependent on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Some basic foodstuffs must still be imported. Together, cocoa, coffee, and cotton generate some 40% of export earnings, with cotton being the most significant cash crop despite falling prices on the world market. In the industrial sector, phosphate mining is by far the most important activity. Togo is the world's fourth largest producer, and geological advantages keep production costs low. The recently privatized mining operation, Office Togolais des Phosphates (OTP), is slowly recovering from a steep fall in prices in the early 1990's, but continues to face the challenge of tough foreign competition, exacerbated by weakening demand. Togo serves as a regional commercial and trade center. It continues to expand its duty-free export-processing zone (EPZ), launched in 1989, which has attracted enterprises from France, Italy, Scandinavia, the US, India, and China and created jobs for Togolese nationals. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has stalled. Progress depends on following through on privatization, increased openness in government financial operations, progress towards legislative elections, and possible downsizing of the military, on which the regime has depended to stay in place. Lack of foreign aid, deterioration of the financial sector, energy shortages, and depressed commodity prices continue to constrain economic growth; however, Togo did realize a 3% gain in GDP in 1999. The takeover of the national power company by a Franco-Canadian consortium in 2000 should ease the energy crisis and if successful legislative elections pave the way for increased aid, growth should rise to 5% a year in 2001-02. |
2000 January
Economy - overview | This small sub-Saharan economy is heavily dependent on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Cocoa, coffee, and cotton together generate about 30% of export earnings. Togo is self-sufficient in basic foodstuffs when harvests are normal, with occasional regional supply difficulties. In the industrial sector, phosphate mining is by far the most important activity, although it has suffered from the collapse of world phosphate prices and increased foreign competition. Togo serves as a regional commercial and trade center. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has stalled. Political unrest, including private and public sector strikes throughout 1992 and 1993, jeopardized the reform program, shrunk the tax base, and disrupted vital economic activity. The 12 January 1994 devaluation of the currency by 50% provided an important impetus to renewed structural adjustment; these efforts were facilitated by the end of strife in 1994 and a return to overt political calm. Progress depends on following through on privatization, increased openness in government financial operations (to accommodate increased social service outlays), and possible downsizing of the military, on which the regime has depended to stay in place. Lack of aid, along with depressed cocoa prices, generated a 1% fall in GDP in 1998, with growth resuming in 1999. Assuming no deterioration of the political atmosphere, growth should rise to 5% a year in 2000-01. |
|
|
|
This page was last updated on 7 February, 2012 |
|
|
Home 
Fields
World Records
World Dictionary
Geographic Names
Fields History
Chiefs of State
Intl. Organizations
Intl. Environmental Agree.
Other References
Notes and Definitions
