Macro Economic Policy
This section seeks to build on the guidelines for the conduct of macroeconomic policy that were articulated in the report of the Vision 2020 Macroeconomy and Finance Sub-committee. Given that the country’s circumstance are challenging, emphasis is placed on the role of the state and the expectation of citizens. The nature and performance of the economy is reviewed. Based on the analysis some general guidelines are proposed for fiscal, income, monetary and exchange rate policies.
Introduction
All citizens deserve a quality of life that conforms to the tenets of a modern society. In this belief, families work hard, spend prudently and save to achieve an acceptable quality of life in the present and the future. Thus many household know the importance
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The sector therefore determines the overall rate and direction of economic activity. The economy has been dominated by the hydrocarbon sector since 1913 and by 1974 it accounted for 44.9% of gross domestic product (GDP) and 91.3% of total exports . In 2015, the hydrocarbon sector contributed 39.3% to government revenue, 34.9% of GDP and 80% of export earnings and foreign exchange while Agriculture, Manufacturing and the Services sectors contributed 0.5%, 8.0% and 56.2% respectively to GDP. However, in the last few years we have been seeing a clear decline in the energy sector in terms of production, contribution to GDP and government …show more content…
In the last ten (10) years the shortfall in the foreign exchange market has doubled from US$600 million in 2003 to US$1,200 million in 2013. Foreign currency is allocated based on: (1) licenses to authorised dealers; (2) a non-competitive sale based on authorised dealers’ market share; and (3) an auction to meet any additional demand they may have. In late 2015, data from the Central Bank showed that the bulk of the foreign currency that was allocated went to the retail and distribution sector. While the allocation mechanism may distribute foreign exchange to firms in an equitable manner, it still needs to stimulate the efficient use of these limited resources in key areas such as the domestic capacity for exports towards earning foreign
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