Madagascar : Back to the Future on the Road to Sustained and Balanced Growth, Country Economic Memorandum, Volume 2, Annexes
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Washington, DC
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The objective of this study is to
accompany Malagasy authorities in their transition towards
economic emergence. If the contribution of foreign capital
and the abundance of natural resources should help the
Malagasy economy escape from the poverty trap by increasing
its domestic savings and investment capacities, as well as
its technological capacities. International experience
reminds us that this transition is far from being automatic.
Indeed, there are more examples of countries that have
failed than of those who have succeeded. The successes of
Chile, Tunisia, Malaysia, Mauritius, and Botswana can
inspire the Malagasy policy makers while showing them which
economic policy choices become imperative. This study is
divided into four parts. The first part begins with an
analysis of Madagascar's economic performance, trying
to recall its fragility in spite of the good results
recorded over these last few years. This fragility will be
highlighted through the relatively narrow basis of the
economic growth that has greatly relied on foreign capital
inflows, putting the need to follow an adequate foreign
exchange management policy at the center of the agenda and,
thus, minimize its possible negative impact on exports. The
second part will focus on the issue of private sector
promotion. Recent diagnoses of Madagascar's economy and
the strategy adopted by Malagasy authorities (with the
support of its development partners) have shown that to be
sustained and shared out over time, economic growth will
have to rely on a dynamic and competitive private sector.
The third part is dedicated to sharing the fruits of
economic growth by giving a special emphasis to the
distribution of the benefits related to the large mining and
tourism investment projects within the population. These
large projects represent a unique opportunity for
Madagascar's development but also undoubtedly a danger
if they do not allow the emergence of spillover effects
among the local businesses and labor force. Finally, the
fourth and final part proposes an agenda of economic
reforms. Ambition is not to formulate a patchy list of
proposals, but rather to propose a series of options that
will help address the issues of competitiveness and shared
growth that are central to the success of the current
strategy followed by the Malagasy authorities.
Palabras clave
ABSENTEEISM, ACCESS TO CREDIT, ACCESSIBILITY, ACCOUNTABILITY, ACCOUNTING, ADVERSE SELECTION, AGRICULTURAL OUTPUT, AGRICULTURE, AIR, AIR CARGO, AIRPORTS, AVERAGE GROWTH, AVERAGE PRODUCTIVITY, BANK LENDING, BANKING REFORM, BANKING SECTOR, BANKING SYSTEM, BANKS, BENCHMARK, BOTTLENECKS, BUDGETARY PROCESSES, CAPITAL GOODS, CAPITAL GROWTH, CAPITAL INVESTMENT, CAPITAL SUBSIDIES, COMMODITIES, COMMODITY, COMPARATIVE ADVANTAGE, COMPETITIVENESS, CONGESTION, CONSOLIDATION, CONSUMER, CONTRACT ENFORCEMENT, CONTRIBUTIONS, CURRENT ACCOUNT, CURRENT ACCOUNT DEFICIT, DECISION MAKING, DEPOSIT, DEPOSITS, DEPRECIATION, DEVELOPMENT AGENCIES, DEVELOPMENT ASSISTANCE, DIMINISHING RETURNS, DIRECT INVESTMENT, DISPOSABLE INCOMES, DIVERSIFICATION, DOMESTIC GOODS, DRIVING, DROUGHT, DROUGHTS, EARNINGS, ECONOMIC GROWTH, ECONOMIC MANAGEMENT, ECONOMIC REFORM, EMPLOYMENT, ENVIRONMENTAL DEGRADATION, EQUIPMENT, EXCHANGE RATE, EXPENDITURE, EXPORT COMPETITIVENESS, EXPORTERS, EXPORTS, EXTENSION SERVICES, EXTERNAL SHOCKS, EXTERNAL TRANSPORT, EXTERNALITIES, FAIR TRADING, FARES, FARM INCOMES, FINANCIAL INTERMEDIATION, FINANCIAL SECTOR, FINANCIAL SECTORS, FINANCIAL STABILITY, FINANCIAL SUPPORT, FISCAL SUSTAINABILITY, FOREIGN DIRECT INVESTMENT, FREIGHT, FREIGHT COSTS, FUEL, FUEL COSTS, FUEL PRICES, FUTURE GROWTH, GROSS FIXED CAPITAL FORMATION, GROWTH POTENTIAL, GROWTH THEORIES, HEALTH SERVICES, HIGH ENERGY, HIGH TRANSPORT, HOUSING, HUMAN CAPITAL, HUMAN RESOURCE, IMPORT COSTS, INCOME GROWTH, INDIRECT COSTS, INEFFICIENCY, INFLATION, INFRASTRUCTURE INVESTMENT, INFRASTRUCTURE INVESTMENTS, INFRASTRUCTURE PROJECTS, INSPECTION, INSURANCE, INTEREST RATE, INTEREST RATE SPREADS, INTEREST RATES, INTERNATIONAL FREIGHT TRANSPORT, INVESTING, INVESTMENT CLIMATE, INVESTMENT CLIMATE ASSESSMENT, INVESTMENT FINANCING, INVESTMENT RATES, INVESTMENT REQUIREMENTS, INVESTMENT RETURNS, JOURNEY, LABOR FORCE, LABOR MARKET, LABOR MARKETS, LAND TRANSPORT, LARGE FIRMS, LEVEL PLAYING FIELD, LOWER INCOMES, MARKET ANALYSIS, MARKET CONDITIONS, MARKET DEMAND, MARKET DEMANDS, MARKET FAILURES, MARKETING, MIGRATION, MONOPOLY, NATIONAL INCOME, NATURAL RESOURCES, OPPORTUNITY COSTS, OVERHEAD COSTS, PEDESTRIAN, PENSION, PENSION REFORM, PER CAPITA INCOME, PER CAPITA INCOMES, POLITICAL STABILITY, POPULATION DENSITY, POPULATION GROWTH, PRICE VOLATILITY, PRIMARY EDUCATION, PRIVATE CAPITAL, PRIVATE INVESTMENT, PRIVATE INVESTMENTS, PRIVATE SECTOR PRODUCTIVITY, PRIVATIZATION, PRODUCT MARKETS, PRODUCTIVITY, PRODUCTIVITY GROWTH, PROFITABILITY, PROPERTY RIGHTS, PROSPERITY, PUBLIC GOODS, PUBLIC INVESTMENT, PUBLIC INVESTMENTS, PUBLIC OWNERSHIP, PUBLIC POLICIES, PUBLIC POLICY, PUBLIC SERVICE DELIVERY, PUBLIC SERVICES, PUBLIC WORKS, RAIL, RAIL LINK, RAIL SERVICES, RAIL TRANSPORTATION, RAILROAD, RAILWAY, RAILWAY NETWORK, RAILWAYS, RAPID DEMOGRAPHIC TRANSITION, RAPID GROWTH, RAPID POPULATION GROWTH, REAL GDP, REGULATORY FRAMEWORK, REMITTANCES, RENT SEEKING, RESETTLEMENT, RESOURCE MANAGEMENT, RETURN, RISK AVERSION, RISK MANAGEMENT, ROAD, ROAD NETWORK, ROAD TRANSPORT, ROADS, RURAL FINANCE, RURAL INFRASTRUCTURE, RURAL ROADS, RURAL TRANSPORT, SAFETY, SAFETY NET, SAFETY NETS, SALES, SAVINGS, SAVINGS RATES, SECONDARY EDUCATION, SECONDARY SCHOOLS, SOCIAL SERVICES, SOCIAL WELFARE, SOFT LOANS, STOCKS, TAX, TAX EXEMPTIONS, TAX INCENTIVES, TAX RATES, TELECOMMUNICATIONS, TOTAL FACTOR PRODUCTIVITY, TRADE BALANCE, TRADE DEFICIT, TRAFFIC, TRANSPORT, TRANSPORT CORRIDORS, TRANSPORT COSTS, TRANSPORT FACILITIES, TRANSPORT INFRASTRUCTURE, TRANSPORT MODES, TRANSPORT OPERATORS, TRANSPORT SECTOR, TRANSPORT SERVICES, TRANSPORT SYSTEM, TRANSPORTATION, TRANSPORTATION SERVICES, TRUCKS, TRUE, TRUST FUNDS, UNEMPLOYED, URBANIZATION, VALUABLE, VEHICLE, VEHICLE OPERATING, VEHICLE OPERATING COSTS, WATER SUPPLY, WEALTH, WITHDRAWAL, WORLD MARKETS, WORTH