Research and consulting in Seychelles
IOA’s research and consulting on Seychelles has led to our economists concluding that the country’s prosperity relative to most African nations is due to the best-developed blue economy on the continent, harnessing the industrial and tourism potential of the ocean surrounding the archipelago. Economic activity is either centred on the ocean – fishing and tourism – or long-established products like boat building and the cultivation and processing of coconut and vanilla. As a nation, Seychelles is more vulnerable to rising oceans than any other: IOA researchers find that 70% of the archipelago’s islands will be submerged if global warming continues.
Within a mixed economy, tourism remains the growth industry and recovered strongly from the global Covid-19 pandemic. However, reliance on tourism makes the economy vulnerable to international crises that may curtail travel.
Key opportunities in Seychelles:
- The resilience of tourism to recent global shocks signifies the country’s attractiveness as a holiday destination
- Traditional crops – coconut and vanilla – remain the mainstay of agriculture
- The fishing sector is strong and is a consistent source of employment and investment
Key concerns/risks in Seychelles:
- A chain of low-lying islands is extremely vulnerable to rising sea levels brought by climate change
- With all energy imported, the need is acute to fast-track alternative, renewable energy sources
- The country’s historic trade ties have also been utilised by drug traffickers, and IOA researchers report a drug abuse epidemic among Seychelles’ people