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Seychelles: Economic Development
Country Study > Chapter 3 > The Economy > Economic Development

ECONOMIC DEVELOPMENT


The government has detailed its economic development targets in successive five-year plans. The plan for 1985-89 emphasized tourism, agriculture, and fisheries. It proposed to improve the balance of payments by achieving 60 percent self-sufficiency in food and by stimulating tourism. Improved productivity, increased exports, and a lowering of the unemployment level were additional aims. The 1990-94 plan stressed the need to attract foreign investment and the need for greater food self-sufficiency. A tenyear plan for protecting the environment was supported by a pledge of US$40 million from World Bank donors. The total projected investment was SRe4,206 million in constant 1989 prices, of which 26 percent would be funded by the public sector. It was not expected, however, that the investment goals would be realized. Capital spending was aimed at improved living standards -- water supplies, waste disposal, and housing. Tourism and related investments were also regarded as priorities.

An ambitious government initiative is the East Coast Development Plan to reclaim land on Mahé for residential and commercial construction. Some 800 new homes are to be built to ease the housing shortage among ordinary Seychellois. In addition, part of the area will be reserved for luxury housing and tourist facilities. In 1993 the government announced that it would seek private sector investment to help complete this major project.

Data as of August 1994




Last Updated: August 1994


Editor's Note: Country Studies included here were published between 1988 and 1998. The Country study for Seychelles was first published in 1994. Where available, the data has been updated through 2008. The date at the bottom of each section will indicate the time period of the data. Information on some countries may no longer be up to date. See the "Research Completed" date at the beginning of each study on the Title Page or the "Data as of" date at the end of each section of text. This information is included due to its comprehensiveness and for historical purposes.

Note that current information from the CIA World Factbook, U.S. Department of State Background Notes, Australia's Department of Foreign Affairs and Trade Country Briefs, the UK's Foreign and Commonwealth Office's Country Profiles, and the World Bank can be found on Factba.se.

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