The economy of Togo is one of the smallest in the world, with a GDP of just $5.3 billion in 2019. The country relies heavily on its agricultural sector, which accounts for around 40 percent of the country's GDP and employs roughly 60 percent of its labor force. Togo is also one of the poorest countries in the world, with a poverty rate of over 60 percent and a per capita income of just $1,400. Despite this, the country has made significant progress in recent years, with the economy growing at an average rate of 5.3 percent between 2013 and 2018.
Togo's economy is heavily reliant on its agricultural sector. The country is the world's sixth-largest producer of phosphate, and also produces coffee, cotton, corn, cassava, and other food crops. The sector accounts for around 40 percent of the country's GDP and employs roughly 60 percent of its labor force. The country is also a major producer of cocoa, which is exported to Europe and the United States.
Togo is also heavily reliant on its mining sector, which accounts for around 10 percent of the country's GDP and employs around 10 percent of its labor force. The country is one of the world's leading producers of phosphate, and also produces gold, marble, and limestone. Togo also has significant reserves of oil and natural gas, which are expected to be developed in the near future.
Despite its reliance on agriculture and mining, Togo has made significant progress in recent years. The country has implemented a number of economic reforms, including the privatization of state-owned enterprises, the liberalization of trade, and the removal of subsidies. These reforms have helped to boost the economy, with the country's GDP growing at an average rate of 5.3 percent between 2013 and 2018.
Togo also has a number of initiatives in place to attract foreign investment. The country has established a number of free trade zones, which offer incentives such as tax breaks and exemptions from import duties. The government has also established a number of investment funds, which provide financing for projects in the country.
Despite the progress that has been made in recent years, Togo still faces significant challenges. The country has a high level of unemployment, and a large portion of the population lives in poverty. In addition, the country's infrastructure is in need of improvement, and the government has been slow to implement reforms. Despite these challenges, Togo has made significant progress in recent years, and the economy is expected to continue to grow in the coming years.