World Bank’s chief economist says that Mozambique has potential for much more growth

5 May 2011

Maputo, Mozambique, 5 May – Mozambique has potential to grow by 10 percent per year for the next ten years and to become a medium income country, chief economist of the World Bank, Justin Lin said in Maputo.

Cited by Mozambican newspaper Notícias, Lin said that a country must make use of its comparative advantages to develop its economy and added that in Mozambique’s case these advantages were in the agricultural sector, in its abundant workforce and its wealth of mining resources.

In terms of agriculture, Lin said he believed that, in the next few years, the government could make technological innovation easier by introducing improvements to the irrigation system in order to speed up economic growth and thus contribute to reducing poverty.

Lin noted that if wealth generated by mining resources was properly used, this could help to improve condition and investments in the industrial education and health sectors, amongst others.

Lin’s talk was co-organised by the ministries for Planning and Development and Finance, the World Bank delegation in Mozambique and the International Institute for Economic and Development Research of the United Nations University. (macauhub)