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Trade in Zimbabwe : changing incentives to enhance competitiveness (Inglês)

In Zimbabwe trade has been a driver of economic growth, rising incomes, and progressive empowerment of Zimbabweans through rising standards of living and the promise of better jobs. Since 1980, through good years and bad years, increases in exports have been positively associated with increases in national income. Zimbabwe's location and resource base, together with a low-cost but relatively well educated labor force, have endowed it with a naturally high trade ratio built on a diversified base that facilitates using trade as an engine of growth. While trade volumes have rebounded smartly from the deep recession of 2007-2008, these do not offset other worrisome longer-term trends: 1) export growth during the last decade has been lackluster and failed to drive high growth; 2) agricultural exports, other than tobacco, have lost their once dominant role in the region, and are no longer a source of diversification; 3) manufacturing has withered in a continuing secular decline; and 4) Zimbabwe's export basket has become less diversified and more dependent on a narrow range of mineral and, to a lesser extent, agricultural products. In short, exports have become less diversified, less-technologically sophisticated, and less labor-intensive, and ever more dependent on a few large mining activities to provide foreign exchange and employment. This report traces the roots of this poor performance to several policy issues: poor predictability of macroeconomic policy and economic governance has created an unfavorable climate for private investment and trade; a tariff structure that dampens export profitability; industrial policies (indigenization policy in particular) that undermine investor confidence and inhibits private investment; and finally, competition-limiting policies toward services that limit connectivity of Zimbabweans and raise trade costs. The good news arising from the study is that the remedies for these policy shortcomings lie in Zimbabwean hands. If the government were to adopt reforms that reconfigure economy-wide incentives and trade and industrial policies, it could promote sustained growth, economic diversification and empowerment of poor people.

Detalhes

  • Autor

    Newfarmer,Richard S., Pierola Castro,Martha D.

  • Data do documento

    2015/05/22

  • TIpo de documento

    Publicação

  • No. do relatório

    96622

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    Zimbábue,

  • Região

    África,

  • Data de divulgação

    2015/05/26

  • Disclosure Status

    Disclosed

  • Nome do documento

    Trade in Zimbabwe : changing incentives to enhance competitiveness

  • Palavras-chave

    Travel and Tourism Competitiveness Index;foreign direct investment;Indigenization and Economic Empowerment;real interest rate;high levels of protection;global value chain;protection property right;Mining;trade datum;business process outsourcing;regional value chain;nontariff measure;foreign investor;export performance;regional market;exports of minerals;abundant natural resource;Trade Policy;trade tax;value added tax;air service agreement;signs of recovery;global market;export growth;impact of trade;foreign ownership restriction;foreign economic relation;privileges and immunity;expansion of capacity;cost of import;road transport service;rail transport service;preferential tariff;private commercial bank;south african rand;financial sector risk;nominal lending rate;combination of factor;international financial institution;skill and technology;preferential tariff agreement;multinational mining company;high debt levels;investment in plant;delays at border;per capita income;investor confidence;form of tax;Trade Policies;rate of growth;mineral export;trade and competitiveness;Aid for Trade;sanctity of contract;Rule of Law;domestic investment;comparative advantage;nonperforming loan;increasing exports;Macroeconomic Policy;Exchange Rates;domestic sources;incentive system;trade performance;foreign market;Learning and Innovation Credit;Industrial Policies;Industrial Policy;creating incentives;landlocked country;sectoral distribution;commercial service;national market;technological content;tariff structure;international market;cotton lint;commercial farm;precious stone;productive capacity;market extension;financial system;Credit policies;international investor;country risk;business press;political commitment;investment rate;domestic production;public finance;south sudan;landlocked economies;trading opportunities;transportation cost;export base;foreign policy;public support;border barriers;electrical equipment;dead weight;world market;land reform;indigenous population;higher growth;deposit rate;risk perception;product variety;agricultural product;trade engine;working capital;long-term finance;foreign buyer;deposit demand;preferential markets;tourist attraction;Natural Resources;international competition;International Trade;intermediate input;domestic industry;products export;private investment;online portal;export volume;customs valuation;crossing borders;commercial purpose;original work;sole responsibility;resource-poor country;Export Diversification;resource-rich country;goods market;transit costs;market level;mining resources;Job Creation;foreign exchange;large mining;high-technology product;world economy;financial service;export opportunity;shipment financing;credit outstanding;external trade;border crossing;investment policy;sectoral analysis;asset value;license fee;trade flow;world price;labor-intensive export;low-income group;dutch disease;skilled labor;export value;nontariff barrier;sustainable level;business environment;consumer goods;price level;national income;regional location;resource base;export opportunities;economic diversification;global recession;empirical analysis;labor-intensive product;modest increase;copyright owner;sectoral composition;export data;global integration;economic crisis;trading partner;research study;trade pattern;trade costs;trade analysis;comparator country;investor perception;cash deficit;currency depreciation;sea transport;monetary instrument;coastal countries;transport time;world trade;fiscal resource;economic recovery;import surge;foreign borrowing;printing press;high inflation;payment system;productivity gain;capital flight;fiscal account;state resources;low-income people;current expenditure;Macroeconomic Stability;human capital;expanding export;technology content;price stabilization;Electric Power;high transportation;financial reform;credit policy;

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