Mozambique’s economy must diversify so that the country can grow, World Bank

8 February 2018

Mozambique’s economic growth will depend on the country’s economic diversification and demographic transformation in the medium term, the World Bank director for Mozambique, Mark Lundell said on Wednesday in Maputo.

“In the medium term, the growth of the country will depend on the diversification of the sectors of activity, and cannot be solely supported by the extractive sector,” he said during the presentation of a World Bank report on the Mozambican economy.

In the “Mozambique Economic Update,” released in December, the IMF said that the country is becoming a modest growth economy, after years of being a rapid growth country, predicting that the Gross Domestic Product (GDP) grew by 3.1% in 2017 and will rise 3.2% in 2018 and 3.4% the following year.

Lundell also said that the financial accountability of managers of Mozambican public companies involved in the so-called hidden debt case is a “very important step” in clarifying the issue.

The World Bank official said that the decision announced by the Attorney General’s Office “is a good step that must be followed by another one soon,” and that these are “decisions that bode well for international cooperation to be resumed.” (macauhub)