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Confidus Solutions ( Gast )

30.03.2023 11:37 - Economy of Benin Antworten

Benin is considered a developing country. A nation's level of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. As a developing country, Benin may not be able to provide consistent social services to its citizens. These social services can include things like public education, reliable health care, and law enforcement. Citizens of developing countries can have a lower life expectancy than citizens of developed countries. Benin exports about US$1.11 billion and imports about US$1.84 billion each year. 2.5% of the country's population is unemployed. The total number of unemployed in Benin is 287,142. In Benin, 36% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Benin is quite high, but nothing to worry about in terms of investments. Potential lenders should look at other economic indicators, including GDP, the rate of urbanization and the strength of the currency, before making investment decisions. Government spending on education is 3.5% of GDP. The country's Gini index is 36.5. Benin is experiencing good equality. The majority of citizens in Benin fall within a narrow income bracket, although some cases can show significant disparities. Benin has a Human Development Index (HDI) of 0.476. Benin has a lower mean HDI value. This suggests that the majority of citizens will struggle to live a worthwhile life due to flawed economic and social systems. The Global Peace Index (GPI) for Benin is 1.958. Due to the strong presence of the law enforcement authorities and the high level of social responsibility, Benin is very safe in international comparison. The Strength Law Index for Benin is 6. Overall it is rated as fairly reasonable – bankruptcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; Credit reports are usually sufficient and generally available.

The currency of Benin is the West African CFA franc. The plural form of the word West African CFA franc is CFA francs. The symbol used for this currency is Fr and is abbreviated as XOF. The West African CFA franc is subdivided into centimes; there are 100 in a CFA franc.

Credit rating
According to the credit rating agency S&P, Benin has a credit rating score of B and the prospects for this rating are stable. According to the rating agency Fitch, Benin has a credit rating score of B and the prospects for this rating are stable.

Central bank
In Benin, the institution that manages the state's currency, money supply and interest rates is called the Central Bank of West African States. Locally, the central bank of Benin is called Banque Centrale des États de l'Afrique de l'Ouest, BCEAO. The average interest rate on deposits offered by local banks in Benin is 3.5%.

National debt
Benin has a public debt equivalent to 30% of the country's gross domestic product (GDP) as estimated in 2012.

Control information
Corporate tax in Benin is 35%. Personal income tax ranges from 10% to 35% depending on your specific situation and income level. VAT in Benin is 18%.

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