Benin’s Economic Development:Challenges And Prospects

At this point in the evolution of international relations where the world continues in a process of increasingly accelerated globalization, the under-developed countries still have many challenges to get to it with the pace of this process. The Republic of Benin is one of African countries that are still struggling against poverty and low levels of economy. The purpose of our research is justified by the fact that Benin is an underdeveloped country in an international system that is evolving at high speed with globalization and market economies, that economic development is reflected in the daily lives of citizens and requires continuous attention until there is an effective change. Thus it has comes to make a diagnosis of macroeconomic policies and constraints to their effectiveness, identify major constraints and challenges for economic development, to consider the prospects of policies under the national economy constraints and sub-regional and international economic trends.Benin has already implemented various economic policies based on various opportunities offered by its own resources and external resources but has undergone internal and external constraints that need palliative measures. Indeed, apart from internal difficulties that negatively impact the progress, such as the recurring problems of bad governance, the rigidity of production structure and plant; there are also important factors that come from the international system. Through our literature review we found that the structure of Benin economy makes the country particularly vulnerable to exogenous shocks. While it is true that African countries are not at the heart of world economic dangers it is nonetheless true that the consequences are available to them and this is demonstrated by the consequences of financial, economic and food crises that the International system has been through.To overcome the shortcomings, two major challenges still ahead:Improvement of economy competitiveness for a better integration into globalization and Improvement of political governance and management of public affairs. My empirical approach has considered the economic development of Benin on the basis of three major insights: First, based on the idea that an accelerated and sustained development of agriculture is the key to economic development and poverty reduction in Least Developed Countries s we argue that the diversification of the economy, starting with agriculture and mechanization would be a basis for Benin economic development because; Secondly, Benin must leave the tradition of exporting unprocessed raw materials that are not profitable enough by supporting policies of industrialization and entrepreneurship especially in the processing sector. Both perspectives must be supported by the development of sectors of transport, communication and energy infrastructure and water and good governance as economic emergence also means fair redistribution of wealth for the benefit of all society through good governance and management of public resources, respect for human rights and citizens conscience and pride of belonging to their nation. Finally the process of regional integration and partnership is important to support the process of economic development and poverty eradication.