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Imagine a market brimming with vibrant energy, a young and tech-savvy population, and a gateway to West Africa’s economic powerhouse. This is the reality of the Ivory Coast, a dynamic landscape where savvy businesses can unlock exponential growth. But navigating this exciting yet intricate market requires a partner who understands the nuances.
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The Ivory Coast stands as a pivotal gateway and central hub within the West African regional market, presenting enticing avenues for investment. The World Bank’s 2022 country report forecasted 4.6% growth for the West African region in 2023. Notably, the Ivory Coast has sustained one of the swiftest economic expansions in sub-Saharan Africa, with impressive real GDP growth averaging 8.2% from 2012 to 2019. This remarkable trajectory is underscored by a burgeoning middle class and an elevating standard of living. Projections for 2024 anticipate the Ivory Coast’s GDP to grow 7.0% in 2024.
Ivory Coast plays a central role in West African commerce, with foreign trade contributing nearly half (46%) of its GDP (World Bank). This economic powerhouse primarily exports agricultural products like cocoa, coconuts, bananas, and fish, alongside refined petroleum, gold, rubber, and cotton (Comtrade). However, the country also relies on imports of crude petroleum, frozen fish, rice, medicine, vehicles, and machinery to meet its domestic needs.
Ivory Coast’s tourism industry is still emerging, offering a unique blend of urban attractions, breathtaking beaches, and diverse natural landscapes. Before the pandemic, tourism in Ivory Coast was thriving. Between 2012 and 2019, the Tourism Gross Domestic Product (GDP) tripled from 2.4% to 7.3%, and the number of international tourists grew from 289,000 to 2,070,189, showing an average annual growth rate of 27.91%.
While arrivals are expected to increase in 2024, the growth will be slower compared to the forecast for 2023. Medium-term growth (2023-2027) will remain positive, but it will likely decelerate due to factors like high inflation and fluctuations in commodity prices.
While the Ivory Coast’s population reached 29.24 million in January 2024, only 38.4%, or roughly 11.23 million, were internet users. This indicates that despite advancements gradually transforming the country into a more digital landscape, internet access remains limited for a significant portion of the population.
In January 2024, Ivory Coast had 7.00 million social media users, accounting for 23.9 percent of the total population. As per the Social Media Stats for January 2024, the most favored social media platform in the country was Facebook, with a usage rate of 82.31 percent.
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