Rebounding Growth
The resettlement of war refugees and successful economic reform have led to a high growth rate: the average growth rate from 1993 to 1999 was 6.7%; from 1997 to 1999, it averaged more than 10% per year. The devastating floods of early 2000 slowed GDP growth to a 2.1%; estimates point to a full recovery in 2001. The government projects have caused the economy to continue to expand between 7%-10% a year for the next 5 years, although rapid expansion in the future hinges on several major foreign investment projects, continued economic reform, and the revival of the agriculture, transportation, and tourism sectors. More than 75% of the population engages in small scale agriculture, which still suffers from inadequate infrastructure, commercial networks and investment. Yet 88% of Mozambique's arable land is still uncultivated; focusing economic growth in this sector is a major challenge for the government.
Read more about this topic: Economy Of Mozambique
Famous quotes containing the word growth:
“Hence, the less government we have, the better,—the fewer laws, and the less confided power. The antidote to this abuse of formal Government, is, the influence of private character, the growth of the Individual; the appearance of the principal to supersede the proxy; the appearance of the wise man, of whom the existing government, is, it must be owned, but a shabby imitation.”
—Ralph Waldo Emerson (1803–1882)