What are the Constraints to Inclusive Growth in Zambia?
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Despite positive, relatively broad-based
and stable growth record in recent years and immense
untapped potential in agriculture, mining and services,
Zambia's poverty rates have not declined significantly
and remain high. Income growth is limited by coordination
failures such as poor access to domestic and international
markets, inputs, extension services and information. High
indirect costs - most of which attributable to
infrastructure service-related inputs into production
including energy, transport, telecom, water, but also
insurance, marketing and professional service - undermine
Zambia's competitiveness limit job creation and
therefore serve as a major constraint to pro-poor growth.
Continued real appreciation is another serious threat to the
competitiveness of export-oriented and import-competing
sectors and to job creation. For Zambia to stay competitive
and sustain the growth momentum it will be critical to
improve productivity - including the productivity of its
labor force, and to lower indirect production costs related
to basic services. Carefully crafted monetary and fiscal
policies will also be critical in responding to the real
appreciation pressures. Improving the quality and access to
secondary and tertiary education is essential if the poor
are to benefit from future growth of the non-farm economy.
Weak governance and in particular poor government
effectiveness, are factors behind the market coordination
failures and the identified government failures, and are as
such major obstacles to inclusive growth in Zambia.
Palabras clave
ACCESS LEVEL, ACCESS TO CAPITAL, ACCESS TO CREDIT, ACCESS TO EDUCATION, ACCESS TO FINANCE, ACCESS TO MARKETS, ACCESS TO SAVING, ACCOUNTING, ADMINISTRATIVE PROCEDURES, AGRICULTURAL CREDITS, AGRICULTURAL MARKETS, AGRICULTURAL OUTPUT, AGRICULTURAL PRODUCTION, AGRICULTURAL PRODUCTS, AGRICULTURAL SECTOR, ARABLE LAND, BANK ACCOUNT, BANK ACCOUNTS, BANK BRANCHES, BANK DEPOSIT, BANK LOANS, BANKING SECTOR, BINDING CONSTRAINT, BUSINESS ACTIVITIES, BUSINESS OWNERS, CAPITAL FORMATION, CAPITAL GOODS, CAPITAL INVESTMENTS, COAL, COMMERCIAL BANK, COMMERCIAL BANK BRANCHES, COMMERCIAL BANKS, COMMERCIAL FARMERS, COMMERCIAL FARMING, COMMODITY PRICES, COORDINATION FAILURES, CORRUPTION, COST OF CAPITAL, COUNTRY COMPARISONS, CREDIT OPPORTUNITIES, CREDITWORTHINESS, DEBT, DEBT PAYMENTS, DEBT RELIEF, DEBT SERVICE, DEPOSIT, DEPOSIT ACCOUNT, DEPOSITS, DEVELOPED COUNTRIES, DEVELOPING COUNTRIES, DIVERSIFICATION, DOMESTIC CREDIT, ECONOMIC ACTIVITIES, ECONOMIC AGENT, ECONOMIC ANALYSIS, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, ECONOMIC GROWTH, ECONOMIC OPPORTUNITIES, ECONOMIC POLICY, ECONOMIC SITUATION, EDUCATION LEVELS, EMPLOYER, EMPLOYMENT GROWTH, EMPLOYMENT OPPORTUNITIES, EMPLOYMENT STATUS, ENDOWMENTS, ENROLLMENT, ENTREPRENEURIAL ACTIVITIES, EXCESS DEMAND, EXCESS SUPPLY, EXCHANGE CONTROLS, EXCHANGE RATE, EXPENDITURE, EXPORT PERFORMANCE, EXPORT SHARE, EXPORT SHARES, EXPORTERS, EXTERNAL DEBT, EXTERNALITIES, FARMER, FARMERS, FINANCIAL INFRASTRUCTURE, FINANCIAL INTERMEDIATION, FINANCIAL RESOURCES, FINANCIAL SERVICE, FINANCIAL SERVICES, FISCAL POLICIES, FISHERIES, FISHING, FIXED COSTS, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FORESTRY, GLOBAL ECONOMY, GOVERNMENT BUDGET, GOVERNMENT BUDGET DEFICIT, GOVERNMENT EXPENDITURE, GOVERNMENT INTERVENTIONS, GOVERNMENT REVENUE, HEALTH SERVICES, HIGH INTEREST RATES, HOLDING, HOUSEHOLD INCOME, HOUSEHOLDS, HOUSING, HUMAN CAPITAL, HUMAN DEVELOPMENT, INCOME DISTRIBUTION, INCOME GROUPS, INCOME GROWTH, INCOME LEVEL, INDIRECT COST, INDIVIDUALS WITHOUT ACCESS, INEQUALITY, INFLATION, INFORMAL BORROWING, INFORMAL ECONOMIC ACTIVITIES, INFORMAL FINANCIAL INSTITUTIONS, INFORMATION ON BORROWERS, INSECURE PROPERTY, INSTRUMENT, INSURANCE, INTEREST RATE, INTEREST RATE SPREAD, INTEREST RATE SPREADS, INTERMEDIATE GOODS, INTERNATIONAL FINANCE, INTERNATIONAL MARKETS, INVESTMENT CLIMATE, INVESTMENT FLOWS, IRREGULAR INCOME, JOB CREATION, LABOR COSTS, LABOR FORCE, LABOR MARKET, LABOR MARKETS, LABOR MOBILITY, LABOR PRODUCTIVITY, LACK OF CREDIT, LAND RIGHTS, LEGAL FRAMEWORK, LENDERS, LEVY, LIMITED ACCESS, LIMITED ACCESS TO FINANCE, LIVING STANDARDS, LOAN, LOCAL CURRENCY, MACROECONOMIC ENVIRONMENT, MACROECONOMIC INSTABILITY, MACROECONOMIC RISKS, MARKET ACCESS, MARKET CONSTRAINTS, MARKET FAILURES, MARKET INFRASTRUCTURE, METALS, MFI, MICRO CREDIT, MICRO ENTERPRISES, MICRO FINANCE, MICRO FINANCE INSTITUTION, MICRO-CREDIT, MICROFINANCE, MICROFINANCE INSTITUTIONS, MIGRATION, MINES, MOBILE PHONE, MONETARY POLICY, NATURAL RESOURCES, OIL, PENSION, PERSONAL LOANS, PLEDGES, POOR ACCESS, POSITIVE EXTERNALITIES, PRIVATE LOANS, PRIVATIZATION, PRODUCERS, PRODUCTION COSTS, PRODUCTIVE RESOURCES, PRODUCTIVITY GROWTH, PROPERTY RIGHTS, PUBLIC INVESTMENTS, PUBLIC REGISTRIES, REAL ESTATE, REAL EXCHANGE RATE, REMITTANCES, RETURN, RETURNS, RISK PREMIUMS, SAFETY NETS, SAVINGS, SELF EMPLOYMENT, SELF-EMPLOYMENT, SETTLEMENT, SMALL ENTERPRISES, SMALL FARMERS, SMALLHOLDER, SMALLHOLDERS, SOCIAL SAFETY NETS, SOCIAL SERVICES, STATISTICAL ANALYSIS, SUSTAINABLE GROWTH, TAX, TAX ADMINISTRATION, TAX CODE, TAX COLLECTION, TAX EXEMPT, TAX EXEMPT STATUS, TAX INCENTIVE, TAX POLICY, TAX RATES, TAX SYSTEM, TAXATION, TRADE FACILITATION, TRADE TAXES, TRADING, TRANSPORT, URBAN AREA, URBAN AREAS, URBANIZATION, VILLAGES, WAGE DIFFERENTIAL, WAGES, WAREHOUSE, WAREHOUSES