The ratings on Burkina Faso are constrained by a low level of economic development and a very narrow economic base. GDP per capita is low, at an estimated $440 in 2005, and social indicators are very weak. The economy is highly dependent on the cotton industry and external aid. Furthermore, the country's landlocked position, infrastructure deficiencies, location in the drought-prone Sahel region of West Africa, and high costs for inputs such as electricity, water, and telecommunications are hindrances to diversification. Real GDP growth is estimated at about 3.5% in the medium term, due to a continue fall in cotton prices as well as high oil prices. The ratings are also constrained by a lack of fiscal flexibility. Against Burkina's inauspicious
