The World Bank Chief Economist, Justin Lin, believes that Mozambique has the potential to achieve an average economic growth rate of 10 per cent within the next 10 years and become a middle income country, reports the daily newspaper “Noticias”.Delivering a lecture in Maputo on Wednesday entitled “New Structural Economics”, Justin Lin advised countries across the world to exploit their own comparative advantage to develop their economies.Justin Lin said that Mozambique enjoys remarkable comparative advantages with agricultural potential, abundant labour and mineral resources.Addressing the issue of agriculture, the World Bank Chief Economist said that he believes that over the next few years the Mozambican government can support technological innovation by improving irrigation schemes and other agricultural inputs to boost economic growth and contribute to poverty reduction.Justin Lin also said that with the proposed new approach, the government could stimulate the conditions for labour intensive production, which would lead to job creation. In turn this could encourage labour to migrate from agriculture to the manufacturing sector leading to incoming generation.“Mozambique also has a comparative advantage in terms of mineral resources and developing these industries would generate huge income for the country”, he stressed.Justin Lin emphasised that should this wealth be used sensibly it could improve the business environment and boost investment in manufacturing, education and health.The event was organised by the Finance Ministry, the Planning and Development Ministry, the World Bank in Mozambique, and the World Institute for Development Economics Research of the United Nations University (UNU-WIDER).
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