Mozambique - Investment Climate Assessment - 2009 : Sustaining and Broadening Growth
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World Bank
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Mozambique's recent history is a
rare example of a successful post-conflict recovery and
economic takeoff. Emerging from decades of economic
stagnation and decline, a consequence first of a failed
socialist economic experience and then of a vicious civil
war that only ended in 1992, the country has achieved a
commendable degree of political stability. This has been
accompanied by prudent and stable economic policy
continuity, as well as coordinated and ever more efficient
use of substantial international aid. These factors have
contributed to sustained economic growth that averaged 7.8
percent between 1992 and 2006. Furthermore, this growth has
been 'pro-poor': increasing output has been
accompanied by real and significant decreases in poverty
levels, with the poverty headcount index declining from 69
percent in 1997 to 54 percent in 2003. Based on the
enterprise survey results for Mozambique, this report
assesses the main obstacles to achieving an investment
climate that supports private sector growth and provides
policy options for improving the business environment and
increasing competitiveness with the goal of achieving
sustained and broad-based growth. The focus is on
microeconomic constraints and reforms where, according to a
recent World Bank report, most of the challenges for
sustainable growth are concentrated. Therefore, the analysis
presented in this report should be of interest to policy
makers, academics, non-governmental organizations and
representatives of the private sector involved in the policy
dialogue in the country. Improvements to the business
environment and increased access to finance are the most
critical aspects to firm growth in Mozambique identified in
this report. Despite recent progress, the business
environment for the Mozambican enterprise sector is still in
many ways problematic. Based on econometric evidence as well
as on business perceptions and quantitative data, this study
indicates that while all aspects of the investment climate
are important, reform priorities should focus on increasing
access to finance and improving the business environment.
Palabras clave
ACCESS TO CREDIT, ACCESS TO FINANCE, ACCESS TO MARKETS, ACTION PLAN, AGRICULTURAL ACTIVITIES, AGRICULTURAL OUTPUT, AGRICULTURAL PRODUCTS, AGRICULTURAL SECTOR, APPLICATION PROCEDURES, AUTOMATION, BANK FEES, BANK FINANCING, BANKING SECTOR, BANKING SERVICES, BANKRUPTCY, BANKS, BORDER CROSSING, BOTTLENECKS, BRIBES, BUSINESS ACTIVITY, BUSINESS CLIMATE, BUSINESS ENVIRONMENT, BUSINESS INDICATORS, BUSINESS OPERATION, BUSINESS OPERATIONS, BUSINESS ORGANIZATIONS, BUSINESS REGISTRATION, BUSINESS REGULATION, BUSINESS REGULATIONS, BUSINESSES, CAPACITY BUILDING, CAPITAL ACCOUNT, CAPITAL GOODS, CAPITAL INVESTMENTS, CAPITAL REQUIREMENT, COLLATERAL, COLLATERAL REQUIREMENTS, COMMERCE, COMMODITIES, COMMODITY, COMMODITY PRICES, COMPARATIVE ADVANTAGE, COMPLIANCE COSTS, CORRUPTION, CPI, CREDIT CONSTRAINED FIRMS, CREDIT CONSTRAINT, CREDIT CONSTRAINTS, CREDIT INFORMATION, CREDIT LINES, CREDIT RISK, CUSTOMS, DEBTS, DEPOSITS, DEVELOPMENT ASSISTANCE, DIESEL, DIVERSIFICATION, DRIVERS, E-MAIL, ECONOMIC ACTIVITY, ECONOMIC GROWTH, ECONOMIC POLICY, ECONOMIC REFORM, ECONOMIC REFORMS, EDUCATIONAL ATTAINMENT, ELECTRICITY, EMPIRICAL ANALYSIS, EMPLOYEE, EMPLOYMENT CREATION, EMPLOYMENT GROWTH, ENDOWMENTS, ENTERPRISE DEVELOPMENT, ENTERPRISE SECTOR, ENTERPRISE SURVEY, ENTERPRISE SURVEYS, ENTREPRENEURS, EQUIPMENT, EXCHANGE OF INFORMATION, EXCHANGE RATE, EXCHANGE RATES, EXPENDITURE, EXPENDITURES, EXPORT PERFORMANCE, EXPORTER, EXTERNAL FINANCE, FINANCIAL INTERMEDIATION, FINANCIAL LITERACY, FINANCIAL MANAGEMENT, FINANCIAL MARKET, FINANCIAL SECTOR ASSESSMENT, FINANCIAL SECTOR REFORM, FINANCIAL SERVICES, FINANCIAL SYSTEM, FIRM PERFORMANCE, FISCAL POLICIES, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN FIRMS, FOREIGN INVESTMENT, FORESTRY, FUELS, GENDER, GENDER DIFFERENCES, GLOBAL COMPETITIVENESS, GLOBAL MARKETS, GREATER ACCESS, GROSS DOMESTIC PRODUCT, GROUP OF FIRMS, GROWTH STRATEGY, GUARANTEE SCHEMES, HARDWARE, HOLDINGS, HUMAN CAPITAL, INFLATION, INFORMAL ECONOMY, INFRASTRUCTURE COSTS, INNOVATION, INSPECTION, INSPECTIONS, INTELLECTUAL PROPERTY RIGHTS, INTEREST RATE, INTEREST RATES, INTERNAL FUNDS, INTERNATIONAL BANK, INTERNATIONAL BANKS, INTERNATIONAL COMPARISON, INTERNATIONAL COMPARISONS, INTERNATIONAL DEVELOPMENT, INTERNATIONAL FINANCE, INTERNATIONAL STANDARDS, INVENTORY, INVESTMENT BANK, INVESTMENT CLIMATE, INVESTMENT FINANCING, JOB CREATION, LABOR COSTS, LABOR MARKET, LABOR MARKETS, LABOR PRODUCTIVITY, LEGAL REFORM, LICENSE, LICENSES, LINES OF CREDIT, LOAN, LOAN SIZE, LOCAL MARKET, LOCOMOTIVE, MACROECONOMIC POLICIES, MANUFACTURING, MEDIUM ENTERPRISE, MEDIUM ENTERPRISES, MICROENTERPRISES, MINIMUM WAGE, MONETARY FUND, MONETARY POLICIES, NETWORKS, NEW BUSINESSES, NEW TECHNOLOGIES, ONE-STOP SHOPS, OVERDRAFT, PHYSICAL INFRASTRUCTURE, POINT OF SALE, POLICY MAKERS, POLITICAL STABILITY, PRIVATE INVESTMENT, PRIVATE INVESTORS, PRIVATE SECTOR, PRIVATE SECTORS, PRIVATIZATIONS, PROCUREMENT, PRODUCTIVITY GROWTH, PROFIT MARGINS, PROPERTY RIGHTS, PROTECTION OF INTELLECTUAL PROPERTY, PURCHASING POWER, QUOTAS, RAIL, RAILROAD, RAILROADS, REFUGEES, REGISTRY, REGULATORY ENVIRONMENT, REGULATORY FRAMEWORK, REMITTANCES, RESERVE REQUIREMENTS, RESULT, RESULTS, RETAINED EARNINGS, ROAD, ROADS, SECURITY SERVICES, SHADOW ECONOMY, SMALL ENTERPRISES, SMALL INVESTORS, SOCIAL SECURITY, SOCIOECONOMIC BACKGROUNDS, SOURCES OF INCOME, START-UP, SUSTAINABLE GROWTH, TARGETS, TAX, TAX RATES, TAX REFORM, TECHNICAL SKILLS, TELECOM, TELECOMMUNICATIONS, TELEPHONE, TOLL, TRADE FACILITATION, TRADE REGIMES, TRANSIT, TRANSPARENCY, TRANSPORT, TRANSPORT NETWORK, TRANSPORT TAX, TRANSPORTATION, TRANSPORTATION INFRASTRUCTURE, TRANSPORTATION SYSTEM, TRAVEL COSTS, TURNAROUND TIMES, UNFAIR COMPETITION, UNION, URBAN AREAS, USERS, USES, VALUE CHAIN, VEHICLES, VILLAGES, WEALTH, WEB, WEB SITE, WORKING CAPITAL, WORLD TRADE