By Kapil Kapoor, World Bank
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Additional info for Africa's experience with structural adjustment: proceedings of the Harare seminar, May 23-24, 1994, Parts 63-288
The resulting expansion in the production of primary commodities had resulted in a slump in international commodity prices, thereby contributing to an increase in poverty. However, it was pointed out that it was a historical fact that countries which were pessimistic about exporting had grown more slowly than outward oriented economies. For example, while both India and China had started out with roughly equal export volumes in 1975 at approximately US$9 billion, by 1992 India's exports were about US$20 billion while China's exports had increased to US$85 billion, resulting in a much higher rate of economic growth.
Getting the macro-economic policy fundamentals right is essential for accelerating growth, encouraging investment and raising savings rates, keeping budget deficits and inflation low, and increasing public sector savings. For agriculture, countries should further liberalize marketing systems and restructure marketing boards to reduce the taxation of farmers. They should also ensure that the regulatory framework is conducive to private sector marketing activity. For trade policy, the next steps are to eliminate administrative controls over foreign exchange, to replace nontariff barriers with tariffs, and to give more emphasis to supporting exporters.
Edited by Stijn Claessens and Sudarshan Gooptu No. 229 An Assessment of Vulnerable Groups in Mongolia: Strategies for Social Policy Planning. Caroline Harper No. 230 Raising the Productivity of Women Farmers in Sub-Saharan Africa. Katrine Saito No. 231 Agricultural Extension in Africa. Aruna Bagchee No. 232 Telecommunications Sector Reform in Asia: Toward a New Pragmatism. Peter L. Smith and Gregory Staple No. 233 Land Reform and Farm Restructuring in Russia. Karen Brooks and Zvi Lerman No. 234 Population Growth, Shifting Cultivation, and Unsustainable Agricultural Development: A Case Study in Madagascar.
Africa's experience with structural adjustment: proceedings of the Harare seminar, May 23-24, 1994, Parts 63-288 by Kapil Kapoor, World Bank