The Venture Capital & Private Equity
Country Attractiveness Index
Alexander Groh, Heinrich Liechtenstein, Karsten Lieser and Markus Biesinger

Madagascar  
Rank: 115 · Score: 20.5  

Basic facts, 2020        
Population (millions) 27.7   IPOs and pulic issues (quartile) Bottom
GDP (US$ billions) 14.2   M&A volume (quartile) Bottom
GDP per capita (US$) 512.0   Venture capital investments (quartile) Bottom
GDP growth (per cent) -3.2   Private equity investments (quartile) Bottom
 
 
 
Performance Overview
Indicator   Rank / 125 Rank Trend Score
VC/PE Country Attractiveness Index 115 8, 8, 7, 12, 10 20.5
1 Economic Activity 98 31, 33, 31, 25, 27 60.2
2 Depth of Capital Market 114 4, 3, 6, 9, 11 5.7
3 Taxation 80 56, 56, 52, 46, 45 87.6
4 Investor Protection and Corporate Governance 109 16, 19, 19, 19, 16 43.6
5 Human and Social Environment 110 22, 18, 12, 13, 15 21.0
6 Entrepreneurial Opportunities 114 10, 14, 17, 16, 11 23.4


 
Historic performance, 2017-2021   Key driver performance, 2021
 

   
VC/PE Rank  
VC Rank  
PE Rank
Madagascar  
Africa
 
 
 
Peer Group Comparison
 
Regional Peers Economic Activity Depth of Capital Market Taxation Investor Protection and
Corporate Governance
Human and Social
Environment
Entrepreneurial
Opportunites
Zimbabwe 56.2 6.7 72.1 43.2 17.8 30.3
Burkina Faso 60.1 5.4 72.4 49.5 28.1 21.9
Mali 61.3 5.4 80.6 44.9 25.1 22.1
Madagascar 60.2 5.7 87.6 43.6 21.0 23.4
Benin 62.3 4.4 62.5 49.0 31.2 20.5
Cameroon 68.5 4.1 68.2 44.7 22.0 25.0
Lesotho 16.0 6.3 81.9 57.0 27.2 15.5
Last updated: 21 Jun 2021