Madagascar is a country with an abundance of mineral and petroleum reserves, significant agricultural potential, and is among the world’s top producers of vanilla. Madagascar has often faced challenges such as cyclones, floods, and recently the pandemic, which has impacted the economy, but measures are being established to improve the overall economy.
Africa HR Solutions can help you expand your activities in Madagascar through a range of HR outsourcing services. We offer employment outsourcing solutions, such as Professional Employer Organisation (PEO), Employer of Record, payroll outsourcing, and other related services. Our experts ensure that every process is seamless, and your move is easy even if you do not have a legal entity in Madagascar yet.
Country Profile - Madagascar
Population: 26.3 mn
Gross Domestic Product (GDP): $13.72 bn
GDP Growth: 5.2%
Foreign Direct Investment (% of GDP): 5.1%
Unemployment Rate: 1.7 %
Currency: Malagasy ariary
Languages: Malagasy, French
Madagascar is known for its abundance in mineral reserves, precious stones, nickel, cobalt, as well as petroleum reserves. It has significant potential in the agricultural industry, considered among the world’s leading producers of vanilla. The economy was previously affected by drought, cyclones, plague, and recently the Covid-19 pandemic which had an impact on several sectors of the economy including tourism. Continued public investment, re-engagement of key partners, a rise in mining exports are aimed at fueling the economy’s growth. As Madagascar aims to increase its trade cooperation with the COMESA economies, several measures are being established to improve the living conditions of people, drive job creation and wealth to achieve the Objectives of Agenda 2063 in the global economy.