Madagascar Tenders

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Capital Antananarivo
ISO 3166 Code MG
Population 21,842,167
Area, Sq KM 587,040
Currency Malagasy ariary
Official Language Malagasy, French
GDP, Billion USD 9,975
GDP Growth Rate, % 3.0
Inflation, Avg CP, % Chng N/A
Interest Rates, % N/A
Unemployement Rate, % N/A
Exchange Rate, 1 USD Equals 3153.10
International dial code 261
Time Zone GMT+03:00
Internet TLD .mg

Madagascar is officially known as the Republic of Madagascar was previously known as the Malagasy Republic. It is an island country located in the Indian Ocean and off the coast of Southeast Africa. This country comprises numerous peripheral islands that are small in size along with the island of Madagascar, which is considered the fourth-largest island in the world. Soon after the prehistoric breakup of the supercontinent Gondwana took place, Madagascar split 88 million years ago from the Indian peninsula resulting ultimately in native animals and plants to evolve and grown in relative isolation. Also, Madagascar is a biodiversity hotspot and more than 90 percent of its wildlife is not found anywhere else on the Earth. The human settlement in Madagascar occurred somewhere around 350 BC and AD 550. With time numerous other groups continued to settle on Madagascar and each one made an impact on the Malagasy cultural life. Till 18th century, Madagascar was ruled by socio-political alliances. The French colonial empire absorbed the island in the year 1897 and the island gained its independence, finally in 1960. French and Malagasy are the official languages of the state and most of the people living here adhere to the amalgamation of the traditional beliefs along with Christianity. The development strategy of this country includes agriculture and ecotourism paired with greater investments in health and private enterprise along with education. As of 2014, the economy of the country has been weakened by the recently concluded political crisis as a result of which the standards and quality of life remains low for the people living here. France heavily influenced the economy planning and policy of this country and these two factors are served as the key trading partner. State farms and rural development program have been set up by the government to increase the production of commodities such as coffee, cattle, rice, silk and palm oil. Madagascar's economy quickly declined as soon as the exports fell and the industrial production dropped by 75 percent. Even the government debt increased and more than 50 percent of the export revenue of the country was spent on debt servicing.As of 2009, the GDP was estimated to be at 8.6 billion USD and has a per capita GDP of $438. The agriculture sector of Madagascar account for 29 percent of Malagasy GDP in the year 2011, while manufacturing industry formed 15 percent of GDP. Extractive Industries, agriculture and tourism are the main sources of growth for the country.

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