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The policy relevant analysis of this volume examines nearly twenty years of Zimbabwe's macroeconomic and structural adjustment experiences since independence. Part One analyses the impact on economic growth, inflation, employment and labour markets. Part Two deals with financial liberalization, and the financial turmoil and currency crisis experienced in the wake of reforms. Part Three examines trade liberalization and its impact on investment and income distribution. Part Four gives sectoral perspectives on the agricultural, manufacturing and health sectors.
Analyses the origins and assesses the impact of Zimbabwe's economic structural adjustment programme (ESAP) between 1990 and 1995. Includes chapters on economic development, educational and health policies in the country for the period 1980-1990.
This paper reports economic developments in Zimbabwe during the 1990s. In 1991, the government officially launched its comprehensive Economic and Structural Adjustment Program—covering fiscal years 1991 through 1995—to strengthen growth and employment prospect. Despite the success achieved in carrying out a number of structural reforms, persistently large budget deficits presented a serious impediment to growth. The failure to bring the government budget under control was reflected in high levels of spending, which contributed to an uncompetitive exchange rate and necessitated excessive borrowing and high real interest rates.
First published in 1997, this volume is intended to make a contribution to both the literature and the contentious debate on the relationship between structural adjustment and reconstruction and development in Africa, as seen from the multidisciplinary perspective of academics and practitioners working in Africa on African development problems and issues. The implementation of structural adjustment in Africa has spawned a considerable, and still on-going, debate with vociferous advocates on both sides of the issue, particularly with respect to the efficacy of structural adjustment programmes (SAPs) as an antidote to Africa’s development crisis. This book contributes to that debate with a rich mixture of analytical views and ideas covering a wide range of countries and sectors on the role and impact of structural adjustment programmes on the process of reconstruction and development in Africa.
This report emphasizes the need to design an alternative development model to the Economic Structural Adjustment Programme (ESAP) in Zimbabwe. While acknowledging that SAPs are necessary, the study shows that they are insufficient in fostering development (that is, growth with equity). Zimbabwe's economy is characterized by a number of structural rigidities such as unequal access to land and finance whilst a large proportion of its population is engaged in the informal sector. It is the contention of the report that under such conditions, there is nothing inherent in ESAP policies that will lead to development. The main focus of the report, as opposed to SAPs, is to redefine the role of the state in the economy. While SAPs emphasize the rolling back of the state, this report is rooted in the premise that market failures are rampant in most less developed countries, including Zimbabwe. The state needs to intervene in factor markets, in the development of industrial and technological capabilities in order to foster competitiveness, etc, so as to deal with such market failures. (DÜI-Hff).
This report investigates the income and equity effects of macroeconomic policy reforms in Zimbabwe, emphasizing linkages between macroeconomic policies and agricultural performance and agriculture's influence on aggregate income and its distribution. Analyses focus on reform of the foreign trade regime, public expenditure, and tax policy, along with the potential benefits of combining these structural changes with various land reform scenarios. The study uses a CGE model that provides a policy simulation laboratory in which exogenous policy changes are analyzed for their economywide income and equity effects.The report highlights the need for policy complementarities in Zimbabwe that can contribute to equitable growth. It should be of interest not only to those concerned with recent economic developments in Zimbabwe but also to those concerned with the broader issues of macroeconomic reform and its ultimate effects.
This study represents a first systematic effort to document Zimbabwe "s new land uses during the years of economic crisis, the role of the state in promoting them, the differentiation associated with them, not only between black and white farmers, but also among them, and the implications of all these for the political economy of the Zimbabwean land question. The fact that some of the new land uses avoid redistribution of clearly under-utilised large scale commercial farms suggests that the Zimbabwean land question will remain a live political issue for a long time.
This staff report for Zimbabwe highlights the key macroeconomic challenges of taking steps to improve fiscal and external sustainability and increase financial sector stability. Zimbabwe has made good progress in restoring macroeconomic stability since the end of hyperinflation in 2009, but the economic rebound is waning, and key challenges need to be tackled. Strong policies are needed to sustain the economic recovery, restore fiscal and external sustainability, and increase financial stability. This would place the economy on a long-term, sustained inclusive growth path. Implementation of indigenization and empowerment policies according to transparent rules, with due respect to property rights, remains essential to build investor confidence and attract needed foreign direct investment.
Providing overviews of states and sectors, classes and companies in the new international division of labour, this series treats polity-economy dialectics at global, regional and national levels. This volume in the series looks at the complexities of structural adjustment in Africa.
Our Continent, Our Future presents the emerging African perspective on this complex issue. The authors use as background their own extensive experience and a collection of 30 individual studies, 25 of which were from African economists, to summarize this African perspective and articulate a path for the future. They underscore the need to be sensitive to each country's unique history and current condition. They argue for a broader policy agenda and for a much more active role for the state within what is largely a market economy. Finally, they stress that Africa must, and can, compete in an increasingly globalized world and, perhaps most importantly, that Africans must assume the leading role in defining the continent's development agenda.