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The Central African Republic Economy Essay


Key Factors

Since the Central African Republic (CAR) gained independence in 1960, the state has been experiencing significant economic issues. At present, the economic progress of the state relies heavily on its mining and timber industries (“Central African Republic: Industry Profile”). Indeed, according to the recent reports, 650 thousand cubic meters of timber are exported annually from CAR to other states, including France, Germany, and China (“Central African Republic”). However, certain issues hamper the development of the state, the steep rise in the corruption levels, and the subsequent reduction of the commodity prices being the key one (“Central African Republic Country Profile”). For instance, compared to 2012, in 2016, the corruption levels rose by 10.41% (from 144 to 159 (“Central African Republic Corruption Rank 2006-2017”)).

Furthermore, the lack of skilled employees should be considered one of the primary issues that set the development of CAR back to a considerable extent, as a recent report indicates (“Central African Republic”). In other words, it is imperative to focus on the active promotion of education and the acquisition of professional skills by the members of the workforce in the UAE. As a result, significant progress can be expected.

Critical Factor

When considering the factors that have been affecting the progress of CAR and its economy negatively, one must admit that the absence of a skilled workforce has had the most drastic effect on the overall progress of the state. Indeed, a closer look at the situation will show that the current problem is rooted deeply in the inability of the state authorities to utilize the available resources reasonably. The identified problem also concerns the issues with the management of human resources. The unwillingness to invest in the further professional growth of potential employees, as well as the provision of educational opportunities for the target population, lead to a massive drop in the levels of the state’s economic performance due to the absence of competent employees that could help improve the performance of the state organizations. Therefore, the CAR is unlikely to build a competitive advantage in the target market unless educational opportunities, as well as the options for acquiring competencies, are provided to the CAR population. As a result, a significant rise in the GDP levels is expected to occur (Central Intelligence Agency).

Solutions

The emphasis on the creation of educational opportunities should be deemed as the primary area of focus for the CAR at present as far as the enhancement of its economic progress is concerned. The incorporation of cost-efficient strategies that will allow building its competitiveness rates in the environment of the global economy should also be viewed as a crucial step in the right direction. While it would be wrong to expect a tremendous improvement in the economy of CAR after the enhancement of the education processes and the creation of new training opportunities for employees, the premises for more efficient quality management can be built (African Development Bank).

The reconsideration of the available investment options for businesses should also be explored as a potential opportunity for further business growth. For instance, by searching for the available funding options, one may boost the performance levels in the timber industry, therefore, making the GDP of the CAR rise significantly. By placing more attention on the active use of marketing techniques and the introduction of the principles of the consistent improvement in the target areas, the CA will be able to attract foreign investors successfully. Also, innovations must be introduced into the current system of managing production- and information-related processes. A gradual rise in the economic progress of the state is expected as a result.

Works Cited

African Development Bank. ADB.org, Web.

TimberTradePortal.com. 2016, Web.

UNICEF.org, 2017, Web.

TradingEconomics.com, 2016, Web.

UN.org, 2016, Web.

Central Intelligence Agency. CIA.gov, Web.

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IvyPanda. (2020, October 13). The Central African Republic Economy. Retrieved from https://ivypanda.com/essays/the-central-african-republic-economy/

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"The Central African Republic Economy." IvyPanda, 13 Oct. 2020, ivypanda.com/essays/the-central-african-republic-economy/.

1. IvyPanda. "The Central African Republic Economy." October 13, 2020. https://ivypanda.com/essays/the-central-african-republic-economy/.


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IvyPanda. "The Central African Republic Economy." October 13, 2020. https://ivypanda.com/essays/the-central-african-republic-economy/.

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IvyPanda. 2020. "The Central African Republic Economy." October 13, 2020. https://ivypanda.com/essays/the-central-african-republic-economy/.

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IvyPanda. (2020) 'The Central African Republic Economy'. 13 October.

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