Business & Economy

Benin is one of Africa’s largest producers of cotton which makes them dependent on subsistence agriculture and regional trade. Being so dependent on agriculture can lead to problems, yet Benin's economy has been growing over the past couple of years. Over the past five years, they have maintained positive economic growth. As of 2022, they have a compound annual growth rate of almost 5 percent. They have recorded a 1.8 overall gain in economic freedom since 2017. Making them now “Moderately Free” for the first time in a decade. Moving on to the business side, in 2016 the Government Action Plan included 95 sector-based projects, 45 major projects, and 19 institutional reforms to create 500,000 jobs. Overall showing that Benin’s business and the economy are doing pretty well. There is always room for improvement, yet hopefully, they continue to move in this same direction to better their business and economy.

Source: Index of Economic Freedom. (n.d.). Benin economy: Population, GDP, inflation, business, trade, FDI, corruption. Retrieved March 22, 2022, from https://www.heritage.org/index/country/benin

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