Economy of Mali
Mali is a poor country that is situated in the western region of Africa. If you visit Mali, you will notice that it don’t have modern buildings like those in the cities. Most of their houses are made of wood. There are very few tarred roads in Mali. Most of the road are path of dirt formed by the residents in Mali. The average income in Mali is US$1500. Due to its poverty situation, richer countries have offered to lend a hand to Mali. Adjustment program that aim to increase the economic growth in Mali have been implemented. On 1st May 1995, Mali was accepted into the list of world’s poorest country in World Trade Organization.
After that, its economic started to boost. In 2002, the GDP of Mali is recorded at US$3.4 bullion. In 2005, the GDP increased by 2.4 billions to $5.8 billions. Now, it receives an average growth rate of 17.6%.
The people in Mali are involved in agricultural activities. It also produces a lot of cotton which is exported to other regions including Senegal and Ivory Coast. The cotton industry plays an important role in the economy of Mali. Because they are poor, they often grow their own food. Some of the crops which are grown by the rural people include rice, vegetables, and corn. There are several gold mines in Mali. The gold mines are concentrated in the southern region in mali. It ranks as the world’s third largest gold producer. It also has other natural resources such as kaolin, and salt.
The WTO report have shown that 80% of the people work in agriculture while the rest of 20% are involved in services sector. Due to the economic recession, the people of Mali were temporarily laid off. Mali raises livestock such as cattle, sheep and goats.
