Confidus Solutions logotype

Confidus Solutions

Economy of Mali

Mali is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Mali may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Mali exports around $2.58 billion and imports roughly $2.89 billion. 7.9% of population in the country are unemployed. The total number of unemployed people in Mali is 1,509,509. In Mali, 43.6% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Mali is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 4.4% of GDP. The Gini Index of the country is 40.1. Mali is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Mali has a Human Development Index (HDI) of 0.407. Mali has a lower medium HDI score. This indicates that the majority of citizens will struggle to attain a desirable life due to flawed economic and social systems. The Global Peace Index (GPI) for Mali is 2.31. The strength of legal rights index for Mali is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Mali is West African CFA Franc. The plural form of the word West African CFA Franc is CFA francs. The symbol used for this currency is Fr, and it is abbreviated as XOF. The West African CFA Franc is divided into Centime; there are 100 in one CFA Franc.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Mali.

Central bank

In Mali, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of West African States. Locally, the central bank of Mali is called Banque Centrale des États de l'Afrique de l'Ouest, BCEAO. The average deposit interest rate offered by local banks in Mali is 3.5%.

Public debt

Mali has a government debt of 9.9% of the country's Gross Domestic Product (GDP), as assessed in 2014.

Tax information

The corporate tax in Mali is set at 30%. VAT in Mali is 18%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Mali is $27500 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Mali was last recorded at $1 million. PPP in Mali is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Mali is 10,943 billion. Based on this statistic, Mali is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Mali was last recorded at $1 million. The average citizen in Mali has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Mali averaged 5.9% in 2014. According to this percentage, Mali is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Mali.

Industry

Major industries in the country are food processing, construction, phosphate and gold mining. The total labor force of Mali is 6,932,740 people, wherein 7.9% of population in the country are unemployed. The total number of unemployed people in Mali is 1,509,509. The Industrial Production growth rate of Mali is 7%.To read more about industrial information within Mali click on industry of Mali.

Agriculture

There are 37600 km2 of arable land in Mali, and it comprises 3% of the country's total territory. There are 37900 km2 of cultivated land in Mali. The country's major agricultural crops and products are cotton, millet, rice, corn, vegetables, peanuts, cattle, sheep, goats.To read more about agriculture click on agriculture of Mali.