Madagascar+Economics

Economics


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Madagascar's economy is largely based on agriculture, mining, fishing, and clothes production. One of Madagascar's most popular and best known products is vanilla, however, it is very expensive. The average Malagasy makes $1 US per day, and 70% of the people live below the poverty line. During economic colonization by the French, many natural resources were extracted which did not promote long-term economic growth since these resources were depleted. Damage to the environment due to resource extraction and poor weather conditions has reduced the ability of Madagascar farmers to produce large amounts of food. Each of these factors are what contribute to poverty and poor economics in Madagascar. **Currency - Malagasy Ariary (exchange rate 1 USD = 1,950 MGA) ** **GDP (OER) - 2011 estimation $9.4 billion ** **Average Household Income - est. $1 per day ** **Imports - capital goods, petroleum, consumer goods, food ($1.407 billion) ** **Exports - coffee, vanilla, shellfish, sugar, cotton cloth, chromite, petroleum products ($3.653 billion) ** Resources: [] <span style="background-color: #ffffff; font-family: 'Comic Sans MS',cursive;">[] **<span style="color: #ff0000; font-family: Georgia,serif;">© 2012 Amanda Richter - Revised April 25th, 2012 ** **<span style="color: #ff0000; font-family: Georgia,serif;">Email: amandarichter@ilstu.edu ** **<span style="color: #ff0000; font-family: Georgia,serif;">Ph: 309-638-2749 **