Mauritius | Finances

August 30, 2012

Budget 2013: Six Key Priorities

Xavier-Luc Duval present the Budget on November 9. Meanwhile, it will chain with pre-budget consultations with private sector operators in September. If the economic environment remains challenging, priorities abound. Here are six of them.

1. Focusing on higher growth. For many traders and economists, the first priority of the Minister Xavier-Luc Duval to the Budget 2013 will be growth. "This year, the growth rate will be around 3%, lower than the initial estimates. This will have an impact on income and estimates made in the last Budget.

It will therefore focus on higher growth in 2013, "says Vishal Ragoobur 'Senior Economist' the Mauritius Employers' Federation (MEF). If the conditions at the international level are not favorable, the economist believes that local authorities may intervene by investing in infrastructure and continuing reforms in terms of "business facilitation" to encourage private investment is declining . "It will take steps to make companies more resilient, productive and competitive," he recommends.

2. Fight unemployment and create jobs. Unemployment will rise slightly above 8% this year. "In such a context, creating jobs should be a priority. It will create productive jobs and especially retain our professionals may go abroad if we do not take appropriate measures, "says Dr. Pramode Jaddoo economist.

Vishal for Ragoobur if the unemployment situation this year is not "alarming" given the current situation, he considers, however, that youth unemployment is "worrying". "We need a more targeted approach with training and employment for young people. It should also support young people in their search for a new job. They often do not know how to go, "advises Vishal Ragoobur who insists in the same vein as the emphasis is on education and training.

3. Diversify our economic base. Economists are unanimous. It is high time that the government diversifies the backbone of our economy even more than our traditional industries are those who suffer most from the global crisis. "Some sectors are becoming obsolete with time. It should come with new areas.

Therefore strengthen the traditional sectors and open other windows ", advocates Pramode Jaddoo. According to Vishal Ragoobur, the green economy is a niche that should be developed especially as it is in line with our concept Mauritius Sustainable Island. "We should come up with incentives for companies to invest in new technologies and turn to this path. We hope that the Budget 2013 includes measures other than solar water heaters, "he recommends.

4. Controlling inflation. Pramode Jaddoo is categorical. "With the appreciation of the dollar against the rupee, declining purchasing power and consumers suffer from higher prices, it will take appropriate measures to contain inflationary trends that are dangerous to the operation of the economy, "says the economist. The finance minister, insists he must not neglect inflation. "The objectives of the Budget will not be realized if inflation affects the local economy," he is out.

5. Contain debt and budget deficit. The level of debt and the budget deficit is cause for concern. "The government spending were increased while revenues are relatively stable. There is always a lag. Should not the government comes forward with big projects if we do not have the means, "recommends Dr. Pramode Jaddoo. "Given the decline in growth, we will not have as much income as planned and that the authorities may spend more. This equates to more pressure on the deficit and debt. It will take steps to contain the debt and the budget deficit, "adds, for his part, Vishal Ragoobur.

6. Welfare and the fight against poverty. The International Monetary Fund (IMF) and the World Bank insisted in several of their reports on the country that Maurice should revise its social protection system. "It may be that the Minister of Finance comes with steps in this direction," say many observers. But targeting is desirable? "Yes, if it's done right. However, we have a big administrative problem in the country.

Targeting can return to more expensive, because we do not really have an adequate system for this type of measurement, "says Vishal Ragoobur. It also recommends that the National Empowerment Foundation to become more "efficient" and "effective" in order to fight against poverty and help the most vulnerable people. "There is much to do in this area," says the economist.

 

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