Ivory Coast is a republic with strong executive power vested in its president. Through the production of coffee and cocoa, the country was an economic powerhouse in West Africa during the 1960s and 1970s, though it went through an economic crisis in the 1980s, contributing to a period of political and social turmoil. It was not until around 2014 that the gross domestic product again reached the level of its peak in the 1970s. In 2020, Ivory Coast was the world's largest exporter of cocoa beans and had high levels of income for its region. In the 21st century, the Ivorian economy has been largely market-based, and it still relies heavily on agriculture, with smallholder cash-crop production being predominant.