Mauritania

Mauritania Economic Profile

Mauritania is a lower-middle-income country located in West Africa, with a nominal GDP of approximately $18 billion in 2023. The economy is heavily dependent on iron ore mining and fishing, which together account for roughly 90% of total exports. Iron ore in particular is Mauritania's largest source of foreign exchange, creating a vulnerable economic structure directly affected by global demand fluctuations. The agricultural sector is limited, and productivity is low due to an arid climate and ongoing desertification, making food security a key challenge.

In recent years, Mauritania's economy has shown complex movements. During the COVID-19 pandemic in 2020, economic growth declined, but subsequently recovered with support from rising iron ore prices. From 2021 to 2022, growth rates of approximately 4-5% were achieved. Meanwhile, inflationary pressures have intensified, with international increases in food and energy prices burdening households. Political instability and the risk of military coups have also had adverse effects on economic activity.

Notable points to watch include, first, the utilization of marine resources. With abundant fishing resources, Mauritania has potential for economic diversification through sustainable fisheries management. Second, the modernization of the iron ore mining industry and accompanying job creation and regional development are urgent priorities. Third, expanded investment in renewable energy, particularly solar power generation, is anticipated, and improved energy self-sufficiency would contribute to economic stability. International financial institutions are strengthening support for infrastructure development and human capital development, which will be key to long-term economic growth.