As the world’s top exporter of cocoa and raw cashew nuts, a net exporter of oil, and with a significant manufacturing sector, Côte d’Ivoire is the largest economy in the West African Economic and Monetary Union.
Côte d’Ivoire has enjoyed vibrant, robust, and stable economic growth since 2012, but experienced a slowdown in 2020 owing to the COVID-19 crisis. The country nonetheless remains Francophone West Africa’s economic hub and exerts significant influence in the region.
Côte d’Ivoire’s score on the World Bank’s human capital index (0.38) improved slightly in 2020 relative to 2019. Poverty fell sharply from 46.3% in 2015 to 39.4% in 2020, but this decline was confined to urban areas as rural poverty levels rose by 2.4% over the same period. The country should include its most vulnerable population groups in its economic recovery strategy, further integrate women into the economy, and develop its human capital to better meet the needs of the labor market.
Prior to the global shock triggered by the pandemic, Côte d’Ivoire had one of the most robust economies in Africa and in the world 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 country’s economic recovery in 2021.
While the construction sector and public investments were the main drivers of growth in 2019, the manufacturing sector, services, and exports are expected to support the economic turnaround in 2021.
The main challenge remains the implementation of a reform agenda that fosters a sustainable economic recovery and more inclusive growth by promoting the private sector in order to create better jobs, improve the business environment, provide access to financing for SMEs and VSEs, build capacity in the agricultural sector, and develop human capital, among other things.
HOW TO EXPAND YOUR BUSINESS IN SENEGAL THE SMART WAY
Africa HR Solutions offers HR outsourcing services in Côte d’Ivoire to facilitate your workforce management on the African continent:
- Hire people on the African continent without a registered entity
- Complete payroll rundown and management
- A central point of contact for all your queries
- Guaranteed compliance to local laws
- Professional indemnity and employer liability
As always, Africa HR Solutions guarantees 100% compliance for your business operations in Africa.