Economic boom amidst liquidity challenges and political transitions
C2
MEDIUM RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Updated in January 2024.
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GDP | USD27.7bn (World ranking 109, World Bank 2022) | |
Population |
|
|
Form of state | Republic | |
Head of government | Bassirou Diomaye FAYE (President) | |
Next elections | 2024, Presidential |
Strengths & Weaknesses
- A fast-growing economy with a projected GDP growth of +8% in 2024
- Diversified investments in agriculture, electricity production, information technology and transport are stimulating development
- Although there were protests and tensions in the run-up to the presidential election, Senegal has a history of peaceful power transitions, so it is possible to view the process as a continuation of democratic dialogue in the nation
- Senegal faces liquidity challenges due to its heavy dependence on imports and the limited size of its economy compared to hydrocarbon projects
- Despite a history of peaceful transitions, political tensions are expected to persist after the presidential election, potentially impacting foreign investment and the overall business environment
- Senegal faces a shortage of skilled local labor and heightened dependence on international oil companies to keep offshore projects afloat
Economic Overview
Trade structure by destination/origin
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
Mali
22.8%
|
1 |
10.1%
France
|
India
13.0%
|
2 |
9.8%
China
|
Switzerland
11.1%
|
3 |
9.0%
Russian Federation
|
United States
5.6%
|
4 |
6.7%
Netherlands
|
China
5.0%
|
5 |
6.0%
Spain
|
Trade structure by product
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
Petroleum, petroleum products and related materials
18.7%
|
1 |
23.9%
Petroleum, petroleum products and related materials
|
Gold, non-monetary (excluding gold ores and concentrates)
17.3%
|
2 |
8.4%
Cereals and cereal preparations
|
Fish, crustaceans, molluscs and preparations thereof
12.1%
|
3 |
4.6%
Road vehicles
|
Inorganic chemicals
10.9%
|
4 |
4.1%
Iron and steel
|
Metalliferous ores and metal scrap
6.5%
|
5 |
4.0%
Gas, natural and manufactured
|
Collection Complexity
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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