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Madagascar - Economic and political update (Inglês)

After being hit by cyclones, the food and energy crisis as well as the global financial turmoil, Madagascar is today in the middle of a severe political crisis. As a result, Gross Domestic Product (GDP) growth could turn to be negative in 2009, the first time since 2002 when the economy shrank by 12.7 percent. Three major economic risks are emerging: (i) inability of the public sector to manage its budget, and notably pay salaries, without excessive use of domestic borrowing; (ii) rising unemployment in visible and strategic sectors (tourism and textiles); and (iii) financial pressures on the local currency and a rapid decline in the Central Bank' s reserves.




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