Madagascar's Economic Profile

Madagascar’s Economic Profile
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July 20, 2022
The Republic of Madagascar is home to one of the most famous savannas in the world. The wealth of species and the country's distinctive ecosystem have made Madagascar famous all over the world. Additionally, since the Disney company released the film "Madagascar," many kids who grew up watching it are now familiar with what the savanna in Madagascar looks like. World Data (n.d.,) reports that Madagascar welcomed 87,100 visitors overall in 2020, placing it 173rd in the world overall in terms of the number of visitors. Thousands of tourists are drawn to the nation every year by these noteworthy qualities. When visitors flood the country to see stunning wildlife, the economy also gains because tourists are a source of income for the populace. In this essay, the author will examine the country's economic characteristics to present crucial information on the mentioned nation.
An estimated 28.43 million people live in the nation, dispersed across the island of Madagascar; this estimate is for 2021 and is 2.66 percent greater than the previous year (Statistic Times, n.d.). The country is rich in vanilla beans, which are used to manufacture vanilla extract, as mentioned in the introduction, and has a remarkably diverse ecosystem. According to Lloyds Bank (n.d.), the country exports vanilla at a rate of 26.1%, followed by clothing (11.4%), raw nickel (7.3%), crustaceans (5%), titanium ores (4.9%), essential oils (3.6%) gold (3.5%), and cloves (3.5%). (3.35). The majority of its imports include petroleum oils (11.4 percent), grains (5.6 percent), drugs (3.2 percent), palm oil (3 percent), textiles (2.3 percent), and cars (1.9 percent).
Due to their historical invasion by French-speaking soldiers, they have a tight relationship with the French people, making France their top trading partner, followed by China, the United States, the Netherlands, and Germany (World Integrated Trade Solution, n.d.). Due to the proximity of black people to their coastline and the fact that the country is not entirely black-populated, Madagascar is also a member of the regional and continental African commercial bloc. Despite this, the country is still a significant component of the larger black-dominated country like Zimbabwe.
As was previously said, Madagascar was acknowledged as one of France's colonies because of the French government's lengthy connection with the country and the way the French raised the country's overall standard of life via their good deeds. The French administration had protected every citizen's right by prohibiting slavery and the slave trade nationwide. Therefore, the surrender of Madagascar to its invaders was also seen as a tremendous achievement for the country.
Additionally, more individuals are getting educated, which greatly enhances the preparation of the next generation for globalization. That being said, the nation's economy expanded tremendously as it gained independence, and more educated individuals, aside from those who work in the tourism industry, graduated from the nation's universities. The French government's domestic policy back then is still being used by the Madagascar government today because ...