The Mali Economy

Most of the South Asian countries are largely dependant on agriculture and agriculture related services and the Mali economy is also hugely dependant on agriculture. It is quite obvious that this nation with a fairly small land area is still considered as an under-developed nation.

The country has no real industrialization or developments of any kind whatsoever. And further more the economy of Mali is so poor that it is a heavily indebted nation and is one among the ten poorest countries in the world.

Defining source of Economy:

To tell more about the Malian economy, the only defining and distinct source of economy of this country would be its mining other than agriculture. Mali has fairly good deposits of gold and other minerals which are being mined in most parts of the country (Eighty percent of the mining is accounted for gold extraction).

Another interesting fact is about the opinion of experts on gold deposits. They feel that Mali has huge gold deposits and most of the reserves are still unexploited.

The main sources of income from agriculture related products are rice cultivation, sorghum, barley, wheat etc. Livestock and fishing are also one of the major sources of income for Mali. Cotton is also one of the important agriculture products in this country.

The Country’s Growth Rate:

Like as most of you would feel the growth rate of this country is not that convincing as well. Their rate is something around 5.23% as estimated in the year 2008 with a Gross Domestic Product scale of a mere 14.7 billion dollars. The agriculture sector contributes to forty five percent of the country’s total revenue on a yearly basis whereas the small industry that this country possesses contributes about seventeen percent.

The percentage of the total population below the minimum income level is still about sixty five percent even after repeated efforts to improve this condition by the government.