IMF Report: Mauritius Faces Decreased Competitiveness

The competitiveness of Mauritius has crumbled over the last few years, according to the International Monetary Fund (IMF).

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A report of the IMF presented at the Sir Harilall Vaghjee Hall, Port-Louis, on December 9, has provided new information pertaining to Mauritian economy. Economic growth in Subsaharan Africa has been decreasing on average from 4.5 % to 3.5 %. For Mauritius, the figure is at 3.2 % for this year, and might reach 3.8 % in 2016.

Countries with few natural resources have witnessed a regressing competitiveness. Though they might have witnessed a certain growth, it was not as dynamic as before. The general decrease is due to the rise in raw material prices and the current world financial conditions also account for it.

As reported by DefiMedia.info, Albert Touna Mama from the IMF claims that Mauritius must no longer compare itself with other economies of the African continent for rankings relating to economy. Rather, it should relate itself to countries that used to have a lower growth but have ultimately surpassed Mauritius in the last few years, such as Panama, Costa Rica, and Thailand; analysing what those countries did to maintain their growth would be helpful.

The following domains have great room for improvement: innovation, technology, macroeconomic environment, and the financial market.

The obstacles faced by Mauritius include the inefficient public bureaucracy, lack of means for innovation and access to finance, an inadequate workforce, and poor work ethics, amongst others.

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