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Economy of Sudan


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In 2010, Sudan was considered the 17th-fastest-growing economy in the world and the rapid development of the country largely from oil profits even when facing international sanctions was noted by the The New York Times in a 2006 article. Due to the secession of South Sudan, which contained over 80 percent of Sudan's oilfields, the economic forecast for Sudan in 2011 and beyond is uncertain.
Even with the oil profits before the secession of South Sudan, Sudan still faced formidable economic problems, and its growth was still a rise from a very low level of per capita output. In any case, the economy in the Sudan has been slowly growing over the last ten years, and according to a World Bank report the overall growth in GDP in 2010 was 5.2 percent compared to 2009 growth of 4.2 percent. This growth was sustained even during the crisis in Darfur and period of southern autonomy preceding South Sudan's independence.
While historically agriculture remains the main source of income and employment hiring of over 80 percent of Sudanese, and makes up a third of the economic sector, oil production drove most of Sudan's post-2000 growth. Currently, the International Monetary Fund IMF is working hand in hand with Khartoum government to implement sound macroeconomic policies. The program has been in place since early 90s, and also work-out exchange rate and reserve of foreign exchange. Since 1997, Sudan has been implementing the macroeconomic reforms recommended by the International Monetary Fund.
In 1999, Sudan began exporting crude oil and in the last quarter of 1999, recorded its first trade surplus. Increased oil production (the current production is about 520,000 barrels per day (83,000 m/d)) revived light industry, and expanded export processing zones helped sustain gross domestic product (GDP) growth at 6.1 percent in 2003. These gains, along with improvements to monetary policy, have stabilized the exchange rate. The People's Republic of
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