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Comprehensive economic recovery in Zimbabwe: A discussion document
UNDP
September 2008
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Executive
summary
This discussion
document contains an economic recovery framework for Zimbabwe, based
on analytical work conducted by a team of senior Zimbabwean economists.
It provides an overview of the post-independence performance of
the economy at both macroeconomic as well as sectoral levels, identifying
key constraints to past growth, and breaks these down into financial,
legal, institutional and policy variables. This methodological approach
is carried forward and applied to the last ten years in order to
elucidate those factors underlying the economic regression that
has taken place. On this basis a package of remedial actions is
put forward, the adoption of which it is believed will trigger a
sustainable, pro-poor growth dynamic.
One common thread which
runs throughout the document is that of the imperative of restoring
macroeconomic stability as a pre-condition for recovery. Specific
measures that flow from this include profound changes to current
patterns of both monetary and fiscal policy management in order
to correct widespread distortions which have acted as impediments
to savings, investment and production.
At the same
time, with a view to sustaining in the longer-term the recovery
that would flow from such stabilization, the team has advanced a
package of reforms in areas ranging from trade policy, public enterprises,
the financial sector, agriculture, manufacturing, mining, tourism,
the informal and SME sectors, and the labour market. These are sequenced,
prioritized, and broken down into short and medium to long term
actions. Key considerations which have informed the analysis underpinning
the proposed package include the need to ensure that growth is broad-based,
inclusive and sustainable, and that it addresses longstanding problems
rooted in the economic dualism inherited at Independence. Particular
attention was based to the need to remove existing impediments to
the participation of the poor in growth, and the necessary measures
required to ensure this transformation takes place are detailed
in the document.
The document
also contains proposals on how the country could best manage international
assistance if Zimbabwe's traditional development partners,
including the Bretton Woods Institutions, were willing to reengage
with and support its recovery and longer-term development efforts.
In addition, the role of the State in supporting recovery is analysed.
The team advances a set of proposals which it believes are necessary
in terms of changes to the various ways the State interacts with
the economy and society.
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