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Essay / Research Paper Abstract
This 4 page paper discusses Senegal’s economic development and how culture factors have impacted it. Bibliography lists 4 sources.
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4 pages (~225 words per page)
File: D0_HVSeneEc.rtf
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pattern they form, if any, and how cultural factors in the country affect this development. Discussion In 1994, Senegal began a "bold and ambitious economic reform program with the support
of the international donor community" (Senegal, 2007). The first step in the reform was a "50% devaluation" in the CFA franc, Senegals currency (Senegal, 2007). Then, "government price controls" were
dismantled (Senegal, 2007). The impetus for the reform may have been the 2.1% shrinkage in the economy that Senegal experienced in 2003; once the programs were in place, "Senegal made
an important turnaround ... with real growth in GDP averaging over 5% annually during 1995-2006" (Senegal, 2007). The Senegalese government has held inflation down to single digits, and the nation,
which is a member of the West African Economic and Monetary Union (WAEMU), "is working toward greater regional integration with a unified external tariff and a more stable monetary policy"
(Senegal, 2007). However, Senegal suffers from a high unemployment rate, which causes many Senegalese to leave the country to look for work in Europe (Senegal, 2007). In addition, Senegal experienced
an "energy crisis" in 2006 that caused blackouts throughout the country (Senegal, 2007). Then too, Senegal is still heavily dependent on outside donors for assistance; but under the International Monetary
Funds (IMF). "Highly Indebted Poor Countries (HIPC) debt relief program, Senegal will benefit from eradication of two-thirds of its bilateral, multilateral, and private-sector debt" (Senegal, 2007). Not only that, but
Senegal was granted "additional interim assistance "worth some US$4m under the Heavily Indebted Poor Countries initiative" (Senegal, 2001). The Fund reports that "an exceptionally large harvest and buoyant construction activity
contributed to 5.5% GDP growth in 2000, while inflation was kept below 1%" (Senegal, 2001). Senegals GDP was forecast to grow by 5.7% in 2001 while inflation was expected to
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