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Mozambique is a country located in the southeastern part of Africa. Mozambique economy was considered to be highly underdeveloped in 1975, when the country became independent. After serving as a Portuguese colony for a period of five centuries, the country emerged as one of the poorest countries of the world. Since the time of its independence, the country has been economically dependent on the neighboring country, South Africa. The economic scenario of Mozambique depends mainly on agriculture and mineral resources.
In the year 1987, the government took some progressive measures for the betterment of the Mozambique economy. After the implementation of various economic plans, the country emerged as one of the fastest growing countries of the world during the 1990s. Inflation was fully controlled during that period as a result of the fiscal measures taken by the Mozambique Government. However, in recent time during the twenty first century, the inflation rate at the country has again increased. The value-added tax has also been introduced in the country in recent time.
With 70% of the population living below poverty line, the country of Mozambique is still considered to be one of the poor countries of the world. The country received an aid of $632.8 billion in the year 2001. In the year 2006, the GDP of the country as per the purchasing power parity, was measured to be $29.17 billion. The amount of external debt in that year was $2.392 billion. At present, the government has been taking various steps for improving the economy of Mozambique. Tourism is also being promoted.
For further information on Mozambique Economy, please see the following links:
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