Senegal

Economy

Main article: Economy of Senegal

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In January 1994, Senegal undertook a bold and ambitious economic reform programme with the support of the international donor community. This reform began with a 50 percent devaluation of Senegal's currency, the CFA franc, which was linked at a fixed rate to the former French franc and now to the euro. Government price controls and subsidies have been steadily dismantled. After seeing its economy contract by 2.1 percent in 1993, Senegal made an important turnaround, thanks to the reform programme, with real growth in GDP averaging 5 percent annually during 1995-2001. Annual inflation had been pushed down to less than 1 percent, but rose to an estimated 3.3 percent in 2001. Investment rose steadily from 13.8 percent of GDP in 1993 to 16.5 percent in 1997.

Related Topics:
1994 - CFA franc - Franc - Euro - 1993 - GDP - 1995 - 2001 - Inflation - 1997

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As a member of the West African Economic and Monetary Union (WAEMU), Senegal is working toward greater regional integration with a unified external tariff. Senegal also realised full Internet connectivity in 1996, creating a miniboom in information technology-based services. Private activity now accounts for 82% of GDP. On the negative side, Senegal faces deep-seated urban problems of chronic unemployment, trade union militancy, juvenile delinquency, and drug addiction.

Related Topics:
West African Economic and Monetary Union - Tariff - Internet - 1996 - Information technology - Unemployment - Trade union - Juvenile delinquency - Drug addiction

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