APEC 3071 Policy Memo.pdf - APEC 3071 Policy Memo To Marc Bellemare World Bank From Joao Vitor Coelho Policy Advisor for the World Bank Africa region

APEC 3071 Policy Memo.pdf - APEC 3071 Policy Memo To Marc...

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APEC 3071 Policy Memo To: Marc Bellemare, World Bank From: Joao Vitor Coelho, Policy Advisor for the World Bank, Africa region Date: 10/10/2018 Economic policies that could lift Madagascar out of poverty In order to create a more favorable economic environment in Madagascar and alleviate deep poverty issues, there are a few measures that could be executed in order to solve the country’s most pressing economic and social challenges. Our recommendations include an increase in technical assistance for the agricultural sector, in programs such as contract farming; incentives for microfinance initiatives in order to increase savings among the population; and implementing a plan to scale up investment in the country, within the restrictions imposed by the economic reforms implemented by president Hery Rajaonarimampianina (2014-18). Background Madagascar has a market economy which is primarily focused on agriculture, including fishing and forestry: not only some of the country’s major exports are agricultural goods, but about 74% of the Malagasy labor force works on the primary sector. Since Madagascar is among the world’s least developed nations, the country’s exports (such as textile goods) are exempt from customs protocol in developed nations such as the United States and European Union members. Within the last decades, an unstable political climate had hailed the country’s economic growth and poverty reduction efforts. After the 2002 political crisis, president Marc Ravalomanana tried
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