Senegal

The West African nation has earned a reputation for its stable democracy, sustained economic growth, and relatively diversified and open economy. Over the past decade, Senegal has pursued an ambitious development program aimed at increasing investment in strategic industries, enhancing private sector competitiveness and creating job opportunities. As a member of the West African Monetary Union (WAEMU) the country benefits from a degree of monetary stability, while three Special Economic Zones provide investors with tax exemptions and other incentives.

Despite these advantages, Senegal faces significant challenges. Burdensome and unpredictable tax and bureaucratic hurdles, an inefficient judicial system, inadequate access to financing, and a rigid labor market constrain the country’s competitiveness. High levels of unemployment and underemployment, particularly among the educated youth, pose long-term social and economic challenges. Furthermore, with the large agricultural sector employing about 70% of the workforce, the economy is vulnerable to climatic hazards and fluctuations in commodity prices.