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| Filename | Madagascar-Banking-Industry-August-2022.pdf |
| Filesize | 240 KB |
| Version | paid report |
| Date added | Aug 15, 2022 |
| Category | Financial Institution, Industry Reports |
| Tags | Madagascar |
Madagascar is an island country located in the Indian ocean off the coast of southern Africa and is the fifth largest island in the world with a population of 29m. The country is one of the African countries most severely affected by climate change and experiences an average of three cyclones per year. According to the World Bank, around 81% of the population lives below the international poverty line of USD1.90 per day, a new high on the back of the COVID-19 pandemic. Despite having considerable natural resources (graphite, chromite, coal, bauxite, rare earth elements, salt, quartz, tar sands, semiprecious stones, mica, fish and hydropower) these are largely untapped, and Madagascar has among the highest poverty rates in the world. Agriculture, including fishing and forestry, is a mainstay of the economy, accounting for more than one-fourth of GDP and employing c.80% of the population. Madagascar produces 80% of the world’s vanilla beans and its reliance on the commodity for most of its foreign exchange is a significant source of vulnerability.