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BenimadhuPRUF3 - Global Financial Crisis and Policy...

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Global Financial Crisis and Policy Response in Mauritius: Key Lessons Presented by Sunil Benimadhu Chief Executive Stock Exchange of Mauritius The North-South Institute Sheraton Hotel Ottawa June 8-9, 2010
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Presentation Outline n A brief introduction to Mauritius n Preemptive reforms during the 2006-2008 period: creating the necessary fiscal space to face the crisis n The threatening Global Crisis n Key short-run response to the crisis n A few lessons from the crisis n The Euro-crisis and its likely impact on Mauritius
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Brief Introduction to Mauritius n A small island of 1.3 million people with a 550 k labour force. n An annual GDP of about USD 9 billion n One of the fastest growing economies of Africa averaging 5% + during last forty years n Size of domestic economy requires leveraging of external markets to sustain growth n By construction, Mauritius cannot be insulated from developments in the global economy
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Mauritius: from a Doom scenario to a Glittering one PRE-INDEPENDENCE YEARS n mono-crop agricultural economy n no scope for a manufacturing base n per capita income less than USD 200 n rapidly growing population n high wealth and income inequality n high unemployment n susceptible to ethnic tensions
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