Sudan Economic Forecast
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Starting in 1999, oil, and gas were exported from Sudan and from that time until 2008, it played a huge role in Sudan’s booming economy. Then, due to a high production of oil and gas and increasing prices, followed by significant inflows of Foreign Direct Investment, Sudan was a country with a robust economy until the latter part of 2008. In fact, from 2006 to 2007, the Gross Domestic Product was at 10% or higher. However, this country was hit hard by the Global financial crisis along with most other countries.
Starting in 1999, oil, and gas were exported from Sudan and from that time until 2008, it played a huge role in Sudan’s booming economy. Then, due to a high production of oil and gas and increasing prices, followed by significant inflows of Foreign Direct Investment, Sudan was a country with a robust economy until the latter part of 2008. In fact, from 2006 to 2007, the Gross Domestic Product was at 10% or higher. However, this country was hit hard by the Global financial crisis along with most other countries. In addition, the 20-year civil war regarding the Darfur dispute ended.
At that time, many of the larger areas of Sudan were left with few facilities and little basic infrastructure. Because of that, the country relied heavily on subsistence agriculture, fisheries, and farming. This also pushed a large portion of the population under the poverty line. One challenge the country faces is its location that is susceptible to ongoing drought and dust storms. Even so, because of the rich natural resources to include oil and gas today Sudan is among the fastest growing economies around the globe.
Sudan GDP Forecast
Although Sudan is known for high production of oil and gas, the economy has been slow to develop for many years. The primary problem has been the civil wars and geographic location that makes growing crops difficult. Even so, in the past several years this country’s government has taken steps to implement new macroeconomic reforms, turning the tide and making Sudan a fast-growing economy. Now, for the Sudan GDP (Gross Domestic Product, Current Prices, US Dollars), experts use values in national currency, as well as projections for the exchange rate that comes from economists from the country. In 2010, the GDP was at US$68.44 billion. With this, the country was ranked at number 65. In looking to 2011, experts predict the GDP for Sudan will be at $75.10 billion but by 2016, a significant change is expected, pushing the number to US$103.87 billion.
Sudan Unemployment Forecast
The Sudan population is slightly over 41 million and although the government has succeeded in growing the economy, the population still faces issues with unemployment due to reliance on subsistence agriculture. In 2010 , additional steps are being taken to strengthen job opportunities but until progress is made, the Sudan unemployment rate is high at 13.73%.
Sudan Inflation Rate Forecast
Another important part of the country’s economy is the Sudan inflation rate. In this case, data is based on averages for the given year using an index of 2000=100. The year-end 2009 figure ended at 11.26%. Then with a 15.28% rise, 2010 closed at 12.98% that put the country at number 9 for world ranking. In determining the future inflation rate, experts believe that 2011 will end at 8.98% and by 2016, the rate should be around 6%.
Sudan Current Account Balance Forecast
For experts to predict the future current account balance for any country, all transactions are used except those containing financial or capital items. For the Sudan current account balance, numbers for 2009 closed at negative US$6.09 billion. With an drop of 16.12%, 2010 ended at negative US$5.79 billion, which ranked the country worldwide at number 167. However, it is expected that for 2011, the account balance will be at negative US$4.16 billion. By 2016, the current account balance drop to negative US$6.73 billion.