Sudan Economy
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The largest nation in Africa with a total area of 2,505,813 sq km, Sudan is located between Eritrea and Egypt. The nation borders Central African Republic, Chad, Ethiopia, Kenya, Libya and Uganda. Sudanhas a flat, featureless plain terrain with deserts dominating the entire northern territory. This makes the nation prone to dust storms and persistent droughts, adding pressure on Sudan’s economy which is heavily dependent on agriculture.
The largest nation in Africa with a total area of 2,505,813 sq km, Sudan is located between Eritrea and Egypt. The nation borders Central African Republic, Chad, Ethiopia, Kenya, Libya and Uganda. Sudanhas a flat, featureless plain terrain with deserts dominating the entire northern territory. This makes the nation prone to dust storms and persistent droughts, adding pressure on Sudan’s economy which is heavily dependent on agriculture.
The Sudanese economy has been slow to develop due to persistent civil wars in the nation over the last three decades. The nation has, however, achieved considerable economic growth over the past few years as a result of the Sudanese government’s efforts to implement macroeconomic reforms in association with the IMF. The civil wars were officially put to an end with the adoption of a revised constitution in 2005.
Sudan Economy: Overview
Rich in natural resources, such as crude oil and petroleum, Sudan’s economy is one of the fastest growing economies in the world. The nation began active crude oil exports towards the end of 1999. The Sudanese economy expanded significantly till the second half of 2008 on account of increased oil production in the nation and high global oil prices. Sudan registered an impressive GDP growth rate 6.9 percent and 6.07 in 2009 and 2010 respectively.
Other key indicators of Sudan’s economy:
|
Economic Indicator
|
Value (2010)
|
|
GDP Per Capita (Purchasing Power Parity) |
$99.999 billion |
|
GDP (Current Prices, US Dollars) |
$68.441 billion |
|
GDP (PPP) per capita |
$2,491 |
|
Unemployment Rate |
13.73% |
|
Inflation (CPI) |
12.98% |
Sudan Economy and Foreign Investment[br]
Sudan’s laws treat domestic and foreign investments equally. Sudanese residents are free to operate foreign exchange accounts and non-residents are allowed to hold the same with government approval. In addition, government approval is required in certain specific sectors and some restrictions apply to capital market transactions, credit operations, money market instruments and outward direct investment.
Despite government efforts to encourage foreign investment, the nation’s development has been slow due to non-transparent investment laws, bureaucracy and corruption. Investment in Sudan’s economy is also restricted by inadequate infrastructure and political instability in the nation.
