Partner risk indices

Country Risk Index

62.6

Political Risk Index

53.1

Short-Term Economic Risk Index

67.5

Long-Term Economic Risk Index

66.8

Operational Risk Index

67.4

Source: Partner Research Partner, as of 8 Nov 2026. 0-100, higher means higher risk.

Key indicators

Market overview

• Madagascar is in East Africa and is classified by the World Bank as Low income. (World Bank)
• Population: 32.7 million (2025). (World Bank WDI)
• GDP: US$19.5bn in 2025 (estimate). (IMF WEO)

Economic conditions

• Real GDP growth: 3.1% in 2025 (estimate); the IMF projects 3.8% for 2026. (IMF WEO)
• Average consumer price inflation: 8% in 2025 (estimate); projected 8.4% for 2026. (IMF WEO)
• General government gross debt: 47.7% of GDP in 2025 (estimate). (IMF WEO)
• Current account balance: -6% of GDP in 2025 (estimate). (IMF WEO)
• Government net lending/borrowing: -2.1% of GDP in 2025 (estimate). (IMF WEO)
• Official exchange rate averaged 4,529.75 local currency units per US dollar in 2025, against 4,429.58 in 2023: 2.3% more units per dollar (the currency weakened against the dollar). (World Bank WDI)

Key risks

• Partner risk indices (0-100, higher = higher risk), as of 8 Nov 2026: Country Risk Index 62.6 (rank 44 of 53 in Africa, 1 = lowest risk); Political Risk Index 53.1 (rank 32 of 53 in Africa, 1 = lowest risk); Short-Term Economic Risk Index 67.5 (rank 50 of 53 in Africa, 1 = lowest risk); Long-Term Economic Risk Index 66.8 (rank 48 of 53 in Africa, 1 = lowest risk); Operational Risk Index 67.4 (rank 33 of 53 in Africa, 1 = lowest risk). (Partner Research Partner)
• Highest-scoring Partner risk component: logistics risk (76.2, operational). (Partner Research Partner)
• World Bank governance scores (2025, 0-100, higher is better): control of corruption 27; government effectiveness 34; political stability and absence of violence 56; rule of law 43; regulatory quality 41. (World Bank WGI)
• External debt stocks: 40.5% of GNI (2025). (World Bank WDI)
• Unemployment (modelled ILO estimate): 3% of labour force (2025). (World Bank WDI)

Investment considerations

• Foreign direct investment, net inflows: 4.5% of GDP (2025). (World Bank WDI)
• Domestic credit to the private sector: 16.5% of GDP (2024). (World Bank WDI)
• Bank lending interest rate: 60% (2025). (World Bank WDI)
• Trade (exports plus imports): 54.2% of GDP (2025). (World Bank WDI)
• The Meridian holds 239 published records tagged to Madagascar. (The Meridian)

Sector snapshot

• Energy and power: access to electricity 42.5% of population (2024); renewable share of final energy consumption 83.1% (2022). (World Bank WDI)
• Mining and minerals: mineral rents 0% of GDP (2021); ores and metals exports 32.9% of merchandise exports (2024). (World Bank WDI)
• Financial services: foreign direct investment, net inflows 4.5% of GDP (2025); bank lending interest rate 60% (2025). (World Bank WDI)
• Technology, media and telecoms: internet users 18.7% of population (2024); mobile subscriptions 75.5 per 100 people (2023). (World Bank WDI)
• Agriculture: agriculture, forestry and fishing, value added 21.7% of GDP (2025); employment in agriculture 69.2% of employment (2025). (World Bank WDI)
• Manufacturing and industry: manufacturing, value added 13.1% of GDP (2024); industry (including construction), value added 23.9% of GDP (2025). (World Bank WDI)
• Infrastructure and real estate: urban population 32.9% of population (2025); access to electricity 42.5% of population (2024). (World Bank WDI)

Data limitations and sources

• Older data, shown with its period and not described as current: Mobile subscriptions (Latest published value is for 2023); Fixed broadband subscriptions (Latest published value is for 2023); Renewable share of final energy consumption (Latest published value is for 2022); Oil rents (Latest published value is for 2021); Mineral rents (Latest published value is for 2021).
• IMF figures for the most recent year are IMF estimates and later years are projections. World Bank series typically lag by one to two years. Headlines come from automated news monitoring and are not verified by The Meridian.
• Sources last checked 15 Nov 2026.

Meridian transactions

• Mediterrania Capital Partners completes investment in Atlantic Group’s AFG Assurances
• Mediterrania Capital Partners invests in AFG Assurances’ operations in Francophone Africa
• Circle Ventures invests in CrissCross’ operations in Africa
• Airtel Money’s IPO at GBP 529 million
• Africa Finance Corporation US$2bn syndicated term loan (26 lenders): Nigerian counsel to the lenders
• Airtel Money prices London IPO at £1.96 a share, valuing the business at £5.3bn