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Information
Publisher
Zhimgoora BookseBook ISBN
9781300296799
18
Economy
::Togo
Economy
-
overview:
This
small,
sub-Saharan
economy
suffers
from
anemic
economic
growth
and
depends
heavily
on
both
commercial
and
subsistence
agriculture,which
provides
employment
for
65%
of
the
labor
force.
Some
basic
Foodstuffs
must
still
be
imported.
Cocoa,
coffee,
and
cotton
Generate
about
40%
of
export
earnings
with
cotton
being
the
most
important
cash
crop.
Togo
is
the
world's
fourth-largest
producer
of
phosphate.
The
government's
decade-
long
effort,
supported
by
the
World
Bank
and
the
IMF,
to
implement
economic
reform
measures,
encourage
foreign
investment,
and
bring
revenues
in
line
with
expenditures
has
moved
slowly.
Progress
depends
on
follow
through
on
privatization,
increased
openness
in
government
financial
operations,
progress
toward
legislative
elections,
and
continued
support
from
foreign
donors.
Togo
is
on
track
with
its
IMF
Extended
Credit
Facility
and
reached
a
HIPC
debt
relief
completion
point
in
2010
at
which
95%
of
the
country's
debt
was
forgiven.
Economic
growth
prospects
remain
marginal
due
to
declining
cotton
production
and
underinvestment
in
phosphate
mining.
GDP
(purchasing
power
parity):
$5.927
billion
(2010
est.)
Country
comparison
to
the
world:
156
$5.738
billion
(2009
est.)
$5.565
billion
(2008
est.)
Note:
Data
are
in
2010
US
dollars
GDP
(official
exchange
rate):
$3.074
billion
(2010
est.)
GDP
-
real
growth
rate:
3.3%
(2010
est.)