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Mr. James Y. Yao, Mr. Gamal Z El-Masry, Padamja Khandelwal, and Mr. Emilio Sacerdoti

Abstract

The discussion in the previous chapters leads to some key conclusions. First, the Mauritian growth performance since the 1970s has been exceptional.

Mr. James Y. Yao, Mr. Gamal Z El-Masry, Padamja Khandelwal, and Mr. Emilio Sacerdoti

Abstract

Over the past 25 years, Mauritius’s public finances have experienced three distinct phases: large fiscal deficits in the early 1980s, followed by a period of fiscal consolidation and discipline during the late 1980s and early 1990s, and finally the reemergence of fiscal imbalances from the second half of the 1990s to date (see Table 6.1).

Mr. James Y. Yao, Mr. Gamal Z El-Masry, Padamja Khandelwal, and Mr. Emilio Sacerdoti

Abstract

The purpose of this paper is to present the remarkable achievements of the economy of Mauritius since independence, and to highlight the factors that have made this performance possible. The record is impressive. Mauritius has achieved one of the highest per capita gross domestic products (GDPs) in Africa: about US$4,600 in 2003, up from about US$320 in the early 1970s. The economy, which at independence in 1967 was dependent entirely on the sugar crop, has been able to diversify rapidly, first into textiles, then into tourism, and more recently into information and communication services. In the process, the large pool of unemployed labor has been absorbed, and a remarkable macroeconomic stability has been maintained over the last 20 years. The country is well positioned to benefit from the increasing demand for information processing.

Mr. James Y. Yao, Mr. Gamal Z El-Masry, Padamja Khandelwal, and Mr. Emilio Sacerdoti

Abstract

Table 3.1 sketches a brief synopsis of the history of industrial transformation in Mauritius, indicating which were the principal growth industries in each period. In the 1970s, the sugar sector, which includes both cane cultivation and sugar milling, accounted for over 26 percent of GDP and formed the largest sector of the economy. The export-processing zone (EPZ), which is dominated by the clothing and textiles industry, took off in the 1980s. The manufacturing share of GDP climbed rapidly from 4.5 percent in 1982 to 11.6 percent in 1986, equivalent to the percentage contribution to GDP made by sugar cultivation. The sugar sector’s contribution to GDP declined, and by the beginning of the 1990s value added in the EPZ was higher than in the agricultural sector. Rapid growth in tourism and financial services during the 1990s further transformed the structure of the economy, and turned Mauritius into a four-pillar economy.