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Experts Advocate Economic Model Ahead of Presidential Address

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Experts Advocate Economic Model Ahead of Presidential Address

As the nation prepares for a pivotal moment, President Dharam Gokhool is set to deliver a crucial program speech on Friday, January 24, 2025. Economists and analysts are eagerly anticipating this address, hoping it will tackle the structural and systemic challenges currently facing the economy.

Calls for Transformation

Sanjay Matadeen, an economist, emphasized the urgent need for a shift away from the existing consumption-based economic model, which he deems unsustainable.

He advocated for a new direction in economic policy and international relations, particularly in today’s globalized environment.

“Productivity and competitiveness should be the cornerstones of our approach,” Matadeen asserts, proposing a fresh economic philosophy focused on efficiency.

He suggested leveraging both existing and emerging sectors while enhancing value-added outputs.

This strategy, he noted, should include greater digitalization and the integration of innovative technologies such as artificial intelligence.

Environmental Considerations in Agriculture

In a related vein, Dr. Ashok Aubeeluck called for an empirical study to assess the environmental impacts of agricultural changes, particularly the phasing out of sugar cane cultivation.

“We can no longer separate the environment from economic and social issues,” he argued, highlighting the interconnectedness of these areas.

Dr. Aubeeluck expresses optimism that the current government, under the leadership of Navin Ramgoolam and Paul Bérenger, will strengthen Mauritius’s democracy, leading to more independent institutions and efficient policing.

However, he remained skeptical about the government’s planned approach to combating drug-related issues.

Key Areas for Reform

Experts have identified several pressing areas for reform:

  • Efficient Resource Utilization: Maximizing the potential of both the ocean and land.
  • Energy Sector Revitalization: Innovating strategies to enhance economic recovery.
  • Addressing Consumer Purchasing Power: With Mauritius’s heavy reliance on imports, managing inflation is imperative to restoring citizens’ purchasing power.
  • Sustaining the Agricultural Sector: Ensuring that agriculture retains its significance, with an optimal approach to sugar production.
  • Institutional Reforms: Promoting independence and efficacy within institutions is essential for sustainable economic development.

Business Sector Perspectives

Kevin Ramkaloan, CEO of Business Mauritius, viewed the upcoming program speech as an opportunity for the new government to articulate its vision for growth and development.

He highlighted the importance of public-private partnerships to address urgent challenges, ensuring sustainable progress and shared prosperity.

“We hope to see a particular emphasis on collaborative efforts to tackle pressing issues,” Ramkaloan stated.

Further Recommendations

In addition to the main points discussed, stakeholders urge the government to focus on:

  • Macroeconomic Fundamentals: Addressing systemic issues such as inflation and restoring purchasing power.
  • Employment Challenges: Focusing on labor market dynamics.
  • Demographic Trends: Responding effectively to demographic changes.
  • Strengthening the Mauritian Rupee: Restoring its value.
  • Exploring Emerging Sectors: Prioritizing blue and green economies.
  • Enhancing Trust and Transparency: Implementing a Freedom of Information Act and a Debt Management and Financial Responsibility Act.
  • Ensuring Institutional Independence: Strengthening the autonomy and effectiveness of institutions.

There is great optimism that the upcoming presidential speech will address these calls for change and establish a more resilient and balanced economic framework for Mauritius.

Source: Defi Media

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