What is Sudan’s Economy Based
What is Sudan’s economy based on and what industries are the most important? Sudan’s rapid industrial development includes such industries as electronic assembly, plastics production, furniture manufacturing, sugar production, and meat processing. The country also has significant pharmaceutical manufacturing industries, with over 70 percent of the country’s pharmaceutical needs met by Sudan. Most of its corporate leaders studied in the United States or in Europe, and many speak English fluently.
The Sudanese government has pledged to increase spending on health care and education, and a social safety net program, known as the Family Support Programme, has received significant donor support and will be expanded. The pace of economic reform has accelerated since the February cabinet was formed. Exchange rate unification has reduced corruption, opened the doors for international aid transfers, and encouraged Sudanes living abroad to channel their remittances through the formal banking system, helping build foreign exchange reserves.
While Sudan has a relatively low cost of living, it does not have high freight rates, which hampers its economic development. Freight rates are low and the country moves at a slow pace, which is inefficient for the region’s small economy. For example, a single shipment of oil requires a cargo ship to take eight hours to move through the country. The freight rate in Sudan is less than half that of neighboring countries.
Despite the influx of investment, the country suffered an economic crisis. Few projects were completed on time and very few met their production targets. As a result, the country’s gross domestic product suffered and the government was forced to borrow vast sums of money in hopes of increased production. This led to huge debts and no new revenue, and the country’s external debt grew to $5.2 billion by 1982.
What is Sudan’s Economy Based on and What Industries Are the Most Important?
The Sudanese government declared the country polio-free in 2001, but it has since been a war zone, which has exacerbated the spread of the disease. Sudan has massive oil reserves, large areas of arable land, and significant gold deposits. However, the country’s economy is still extremely poor, and agriculture employs 80 percent of its population and contributes only 39 percent to the country’s gross domestic product. Sudan’s per capita income is only $340, and oil accounts for over 70% of the country’s exports.
As the political situation in the country remains tense, the government is seeking to implement a more balanced development strategy and restore inclusive growth. The JPA calls for significant fiscal decentralisation and increased development support to the periphery. However, it is unclear whether such decentralisation will come about in time, and the country is still in the early stages of the process of defining the powers of a new regional system.
largest family companies in Sudan
In October 2021, the military organized a coup against the government, forcing the outgoing Prime Minister Abd-al-Fatah al-Rahman. This coup was supported by military forces who replaced civilian members of the Sovereign Council (the country’s collective Head of State). In November, HAMDOUK was briefly reinstated, but eventually resigned from office.
