Policy and Institutional Dynamics of Sustained Development in Botswana
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World Bank, Washington, DC
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Botswana represents one of the few
development success stories in Sub-Saharan Africa. Real
Gross Domestic Product (GDP) growth averaged almost 9
percent between 1960 and 2005, far above the Sub-Saharan
Africa average. Real GDP per capita grew even faster,
averaging more than 10 percent a year -- the most rapid
economic growth of any country in the world. The crucial
question is: Why has Botswana grown the way it has done, and
what lessons does it offer? This evidence-based story is an
account of policy and institutional dynamics of sustained
growth and development in Botswana -- illuminating the role of
leadership. It shows how a secure political elite has
pursued growth-promoting policies and developed, modified,
and maintained viable inherited traditional and modern
institutions of political, economic, and legal restraint.
These institutions have remained robust in the face of
initial large aid inflows and spectacular mineral rents,
producing a growth pattern that has been both rapid and
cautious. The nature of the Botswana developmental state is
illustrated by the way in which the state mobilized
development resources-especially savings, investment, and
human resources, widely known as the primary drivers of
economic growth, and prudently managed the economy without
becoming excessively involved in the nuts. It demonstrates
that through intentional policy choices and countercyclical
instruments, countries can shift from aid-dependent to
trade-led natural resource development (though probably with
narrow-based growth), to a broader development strategy as
long as the state is capable and operates within effective
institutional design. Botswana's story is sterling
example of how the critical issue in development is not so
much access to resources but how resources are managed.
Palabras clave
ADVERSE CONSEQUENCES, AGRICULTURE, APARTHEID, ARREARS, BALANCE OF PAYMENTS, BUDGET DEFICIT, BUDGET DEFICITS, BUDGET SURPLUS, BUDGET SURPLUSES, BUDGETING, CAPITAL ASSET, CAPITAL FLOWS, CAPITAL INFLOW, CAPITAL STOCK, CASH BALANCES, CHECKS, CLEAN WATER, COLONIALISM, COMMERCIAL BANKS, COMPARATIVE ADVANTAGE, COMPETITIVENESS, CREDIBILITY, CREDIT RATINGS, CURRENCY, CUSTOMS UNION, DEBT, DEBT BURDEN, DEBT CRISES, DEBT INTEREST, DEBT SERVICE, DEBT SERVICING, DECISION MAKING, DEFICIT FINANCING, DEMOCRACY, DEMOCRATIC INSTITUTIONS, DEMOGRAPHIC, DEPOSITS, DEVELOPING COUNTRIES, DEVELOPMENT AGENCY, DEVELOPMENT PATH, DEVELOPMENT POLICIES, DEVELOPMENT POLICY, DEVELOPMENT PROJECTS, DEVELOPMENT STRATEGIES, DEVELOPMENT STRATEGY, DIVIDENDS, ECONOMIC DEVELOPMENT, ECONOMIC DOWNTURN, ECONOMIC GROWTH, ECONOMIC LIBERALIZATION, ECONOMIC PERFORMANCE, ENABLING ENVIRONMENT, EQUIPMENT, EQUITY FINANCING, EXCHANGE RATE, EXCHANGE RATE REGIME, EXCHANGE RATES, EXCHANGE SYSTEM, EXPORT COMPETITIVENESS, EXPORT MARKET, EXPORTS, EXTERNAL FUNDING, FINANCIAL ASSETS, FINANCIAL CONSTRAINTS, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL RETURNS, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SERVICES, FINANCIAL SUPPORT, FISCAL DEFICITS, FISCAL DISCIPLINE, FISCAL POLICIES, FIXED CAPITAL, FLOATING EXCHANGE RATE, FORECASTS, FOREIGN CAPITAL, FOREIGN COMPANIES, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE RESERVES, FOREIGN GOVERNMENTS, FOREIGN INVESTMENT, FOREIGN INVESTOR, FOREIGN INVESTORS, FREE TRADE, GDP PER CAPITA, GNP, GNP PER CAPITA, GOOD GOVERNANCE, GOVERNANCE PRACTICES, GOVERNMENT BUDGET, GOVERNMENT BUDGET DEFICITS, GOVERNMENT EXPENDITURE, GOVERNMENT INVESTMENT, GOVERNMENT POLICIES, GOVERNMENT POLICY, GOVERNMENT REVENUE, GOVERNMENT SAVINGS, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT GROWTH, GROSS FIXED CAPITAL FORMATION, GROWTH RATE, GROWTH RATES, HOUSEHOLD SAVINGS, HUMAN CAPITAL, HUMAN RESOURCE, HUMAN RESOURCES, INDEPENDENT JUDICIARY, INDUSTRIALIZATION, INFLATION, INFLATION RATE, INFLATIONARY PRESSURE, INFLATIONARY SPIRAL, INHERITANCE, INSTRUMENT, INSURANCE, INTEREST PAYMENTS, INTERNATIONAL BANK, INTERNATIONAL CREDIT, INTERNATIONAL CREDIT RATINGS, INTERNATIONAL DEVELOPMENT, INTERNATIONAL ECONOMY, INVENTORY, INVESTING, INVESTMENT BANK, INVESTMENT PROJECTS, INVESTMENT RATE, INVESTMENT SPENDING, ISSUANCE, JOINT VENTURE, LAND POLICIES, LANDOWNERS, LEGAL FRAMEWORK, LENDER, LIFE EXPECTANCY, LOAN, LOCAL GOVERNMENT, LOCAL GOVERNMENTS, MACROECONOMIC MANAGEMENT, MACROECONOMIC POLICIES, MACROECONOMIC POLICY, MACROECONOMIC STABILITY, MARKET ECONOMY, MARKET PRICES, MICROENTERPRISES, MONETARY AUTHORITY, MONETARY FUND, MONETARY POLICY, NATIONAL CREDIT, NATURAL ENDOWMENTS, NATURAL RESOURCE, NATURAL RESOURCES, OPEN ECONOMIES, OUTPUT, OUTPUT RATIO, OUTSOURCING, PER CAPITA INCOME, POLITICAL ECONOMY, POLITICAL STABILITY, POLITICAL SYSTEM, PRICE INCREASES, PRIVATE CAPITAL, PRIVATE CAPITAL INFLOWS, PRIVATE INVESTMENT, PRIVATIZATION, PRODUCTIVE ASSETS, PROPERTY RIGHTS, PUBLIC ASSETS, PUBLIC DEBT, PUBLIC FINANCE, PUBLIC INVESTMENT, PUBLIC POLICY, PUBLIC SAVINGS, PUBLIC SPENDING, RAPID DEVELOPMENT, RAPID ECONOMIC GROWTH, RAPID GROWTH, RATE OF GROWTH, RATE OF RETURN, REAL EXCHANGE RATE, REAL GDP, REAL GROSS DOMESTIC PRODUCT, REAL INCOME, REAL INTEREST, REAL INTEREST RATES, RECURRENT EXPENDITURE, RECURRENT EXPENDITURES, REGIONAL INTEGRATION, REGULATORY FRAMEWORKS, RENEGOTIATION, REPUTATION, RESERVE, RESERVE FUNDS, RESERVES, RETURNS, RISK SHARING, RULE OF LAW, SAVINGS, SAVINGS RATE, SAVINGS RATIO, SEED CAPITAL, SHAREHOLDER, STATISTICAL ANALYSES, SUSTAINABLE DEVELOPMENT, SUSTAINABLE GROWTH, TAX, TAX INCENTIVES, TECHNICAL ASSISTANCE, TRACK RECORD, TRADE UNIONS, TRADING, TRANSPARENCY, UNEMPLOYMENT, UNEMPLOYMENT RATE, URBANIZATION, WAGES, WEALTH, WORLD MARKET