World Bank upbeat over Mozambique

Posted On Wednesday, 25 July 2001 22:06 Published by eProp Commercial Property News
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Maputo - A recent World Bank report giving an upbeat assessment of Mozambique's economic performance has created controversy here over its sharp contrast to statistics released by the government.

Property-Housing-ResidentialThe Bank said in a statement last week that the southern African state - rated one of the poorest countries in the world - had more promising prospects for sustainable growth and development than anywhere in the region.

Its latest Economic Memorandum on Mozambique said the economy had grown an average eight percent a year between 1994 and 1999, slipping to an average of 7.7 percent in the last three years due to natural disasters.

Inflation, the Bank said, had fallen from 60 percent a year in 1994 to five percent since 1997.

According to the government, the economy grew by only 2.1 percent in 2000 while inflation averaged 12.7 percent last year.

State news agency AIM described the optimism by one of the prime backers of Mozambique's economic reforms as distortion aimed at creating a false impression and downplaying the effects of two successive years of disastrous floods.

"Anxious to show that its recipes can produce at least one success story in Africa, the Bank sounds more upbeat about the economy than the Mozambican government does," AIM said.

A prominent United Nations economist, who asked for anonymity, told AFP the Bank "did not fully justify its optimism" but did not elaborate.

Last modified on Wednesday, 16 April 2014 09:38

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